Shanghai stocks drop as uncertainty clouds market

By Zha Minjie | October 15, 2013, Tuesday |

Online Edition

Shanghai shares edged down today, dragged by heavily weighted stocks and a lack of buying sentiment. The key Shanghai Composite Index slipped 0.19 percent to 2,233.41 points and the turnover was 138.5 billion yuan.

"The market fluctuated as investors cashed out profits from hot stocks like the Shanghai Pilot Free Trade Zone," said Guo Yiming, an analyst with Jufeng Investment Information Co.

Uncertainty over future economic reform also put A-share investors on the sidelines, said Gu.

The central government is scheduled to release the third-quarter economic data this Friday.

Industrial and Commercial Bank of China, the nation's biggest listed lender, fell 1.03 percent to 3.84 yuan. Bank of China lost 1.41 percent to 2.79 yuan. China Construction Bank skidded 1.62 percent to 4.25 yuan.

CITIC Securities said it expected the monetary policy to remain stable and there's no problem with liquidity this month.

CSSC Jiangnan Heavy Industry Co slumped 2.22 percent to 12.8 yuan. China CSSC Holdings decreased 1.71 percent to 18.37 yuan.

The Shanghai Composite has rose 15 percent from its four-year low on June 27, bolstered by expectations for financial liberalization in the newly-established free trade zone.

Finance

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Shanghai stocks drop as uncertainty clouds market

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