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Shanghai shares retreat ahead of Party plenum
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Shanghai stocks continued a weak run today with the key index falling three days in a row as the market was cautious ahead of a key policy meeting in Beijing starting tomorrow and the release of economic data for October.
The benchmark Shanghai Composite Index lost 1.09 percent to 2,106.13 points. Daily turnover was 70.3 billion yuan (US$11.5 billion). The index fell 2 percent for the week.
Market watchers said investors chose to watch from the sideline as the Third Plenum of the CPC Central Committee is set to start tomorrow that may shed new light on the pace and direction of China’s reforms.
The October economic data that provides fresh clues to the health of the world’s second largest economy also added to the cautious sentiment, analysts said.
“The market is subject to risks if reform proposals made at the plenum miss market expectations,” said Xiao Shijun, analyst with Guodu Securities, in a report.
Shares declined despite a rebound in China’s foreign trade in October. Exports rose 5.6 percent year on year after falling 0.3 percent in September while imports increased 7.6 percent from a gain of 7.4 percent a month earlier, according to the General Administration of Customs.
Zhang Zhiwei, chief China economist at Nomura Holdings Inc, said the rebound in exports was much stronger than expected but he maintained the view that economic growth will slow in the fourth quarter as a result of policy tightening.
Most property developers slumped after Shanghai raised the minimum down-payment for second-home buyers to 70 percent today, from 60 percent, in a move to rein in rising home prices.
Poly Real Estate, China’s second-largest homebuilder, declined 1.1 percent to 9.14 yuan. Gemdale Corporation shed 0.7 percent to 5.98 yuan.
China COSCO Holdings Co Ltd dropped 3.9 percent to 3 yuan after the company said one of its top executive is being probed by a regulatory body without giving details.
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