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Shanghai stocks falls today with nearly all sectors retreating
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SHANGHAI stocks fell today, posting the worst performance since mid-December of last year as investors locked in profits from the market's previous rebound.
Shanghai Composite Index lost 0.96 percent to end at 3,237.45 points. For the week, the gauge gained 0.77 percent.
Most sectors lost ground, dragged down by banking, iron and steel, real estate and shipping shares, as investors locked profits from earlier rises in banking and property sectors. Investors also retreated from newly-listed stocks, many of which slumped after surging in the past days.
Investors turned cautious after the gauge rose to a 14-week high yesterday.
“Caution is the watchword in early Asia-Pacific trading today," said Michael McCarthy, chief market strategist at CMC Markets.
Jiangsu Changshu Rural Commercial Bank Co fell 6.21 percent to 12.84 yuan (US$1.86), Xinyu Iron & Steel Co lost 4.02 percent to 4.06 yuan, and Huaan Securities Co shed 4.13 percent to 12.30 yuan.
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