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Shanghai shares retreat after big surge yesterday
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Shanghai stocks edged lower this morning as financial counters and property developers retreated after surging yesterday on China’s reform pledge.
The benchmark Shanghai Composite Index shed 0.08 percent to 2,195.47 points. Turnover was 67.9 billion yuan (US$11.1 billion) by the noon break.
“The market needs to take a breath for consolidation after a strong rebound,” said Shenyin & Wanguo Securities.
China Galaxy Securities said China’s reform package has boosted investor sentiment and reversed market performance, but investors should look out for liquidity risks.
Brokerages fell among financial firms after a big surge yesterday on news that China will introduce a registration-based IPO system.
CITIC Securities shed 0.4 percent to 12.66 yuan. Haitong Securities lost 2.6 percent to 11.40 yuan. China Merchants Securities Co decreased 2 percent to 11.03 yuan.
Most property developers fell after Guangzhou raised the down-payment for second-home buyers to 70 percent following Shenzhen and Shanghai.
Poly Real Estate, China’s second-largest developer, lost 1.5 percent to 9.22 yuan. Shanghai Industrial Development Co shed 1.8 percent to 8.85 yuan.
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