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Shanghai shares retreat, led by tech, media firms
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Shanghai stocks were dragged down today with losses of technology, media and telecom firms, which offset the gains of financial shares.
The benchmark Shanghai Composite Index lost 0.23 percent to 2,128.86 points. Turnover was 117.3 billion yuan (US$19.2 billion) at the trading close.
Nomura Securities said in a note that investors should withdraw money from China’s stock market which has been rising for four months.
The government may introduce medium-term structural reforms at the third plenum of the Communist Party of China, but these measures can hardly provide impetus for growth in the short term, the broker said.
Media companies led the market fall. Jiangsu Phoenix Publishing & Media Co Ltd slumped 7.1 percent to 9.96 yuan. Zhejiang Daily Media Group Co dropped 5.9 percent to 31.89 yuan.
Datang Telecom Technology Co plunged 6.4 percent to 11.92 yuan. United Network Communications Ltd shed 0.6 percent to 3.33 yuan.
Financial shares advanced over expectations that the regulator may soon launch a pilot program to allow the issue of preferred shares as a step toward building a multi-layer capital market.
CITIC Securities said the issue of preferred shares will increase funding channels for companies and help them to improve corporate governance.
Shanghai Pudong Development Bank Co gained 3.3 percent to 10.48 yuan. Industrial Bank added 4.8 percent to 12.09 yuan.
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