Shanghai stocks fall amid profit-taking
Print Edition
SHANGHAI shares fell yesterday, ending a seven-day winning streak, as investors took profits after the longest stretch of gains since May.
The Shanghai Composite Index dropped 0.64 percent to 2,999.36 points at close, with material companies and financial shares leading the drop.
The gauge rebounded 14 percent from a January low and posted its biggest weekly gain since November last week amid expectations of measures for the financial market during the annual session of the National People’s Congress in Beijing.
The benchmark index ended up above 3,000 points for the first time in two months on Monday after China eased controls on margin lending.
Analysts said the Shanghai gauge was still under a rebound rather than the start of a bull run and warned investors of the risks involved.
Market sentiment also weakened a bit following clarification from the central bank that Governor Zhou Xiaochuan’s speech over the weekend was misinterpreted and that he did not ask people to invest their personal savings in stocks.
Baoshan Iron and Steel Co declined 2.02 percent to 5.33 yuan (82 US cents), the biggest loss in two weeks, while Jiangxi Copper Co dipped 1.84 percent to 14.93 yuan.
Brokerages fell, with Guotai Junan Securities Co down 3.74 percent to 19.84 yuan and Citic Securities Co losing 3.54 percent to 17.99 yuan.
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