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Shanghai stocks retreat amid weak sentiment
By Ye Zhen |
March 29, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning, led by food and beverage producers as investors worried about the impact of tighter rules on wealth management products.
The benchmark Shanghai Composite Index dipped 0.14 percent to 2,233.23 points. Turnover was 40.3 billion yuan (US$6.5 billion) by midday.
"Investors got nervous after the index plunged yesterday following China's banking regulator's announcement to tighten control of wealth management produces," CITIC Securities said today.
"The market is likely to slide further following the move," the broker said.
Lenders were mixed. Industrial Bank Co dropped 3.6 percent to 17.23 yuan. China Minsheng Banking Corp sank 2.5 percent to 9.38 yuan. Hua Xia Bank Co gained 1.7 percent to 10.32 yuan.
Food and beverage producers led the market down. Inner Mongolia Yili Industrial Group Co lost 2.3 percent to 31.58 yuan. Bright Dairy & Food Co dropped 3.4 percent to 14.11 yuan. MeiHua Holdings Group Co declined 3.6 percent to 5.59 yuan.
Sichuan Tuopai Shede Wine Co shed 1.7 percent to 20.03 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 3.2 percent to 29.80 yuan. Sichuan Swellfun Co decreased 3 percent to 15.03 yuan.
The benchmark Shanghai Composite Index dipped 0.14 percent to 2,233.23 points. Turnover was 40.3 billion yuan (US$6.5 billion) by midday.
"Investors got nervous after the index plunged yesterday following China's banking regulator's announcement to tighten control of wealth management produces," CITIC Securities said today.
"The market is likely to slide further following the move," the broker said.
Lenders were mixed. Industrial Bank Co dropped 3.6 percent to 17.23 yuan. China Minsheng Banking Corp sank 2.5 percent to 9.38 yuan. Hua Xia Bank Co gained 1.7 percent to 10.32 yuan.
Food and beverage producers led the market down. Inner Mongolia Yili Industrial Group Co lost 2.3 percent to 31.58 yuan. Bright Dairy & Food Co dropped 3.4 percent to 14.11 yuan. MeiHua Holdings Group Co declined 3.6 percent to 5.59 yuan.
Sichuan Tuopai Shede Wine Co shed 1.7 percent to 20.03 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 3.2 percent to 29.80 yuan. Sichuan Swellfun Co decreased 3 percent to 15.03 yuan.
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