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Shanghai stocks retreat, ending 5 days of gains
By Ye Zhen |
May 22, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell today, snapping a five-day winning streak, as small-cap firms tumbled in market correction.
The key Shanghai Composite Index slipped 0.12 percent to 2,302.40 points. Daily turnover was 115.3 billion yuan (US$18.9 billion) at the trading close.
"Small-cap stocks will go through a technical correction in the short term because they have been overvalued after continuous gains," said Mao Sheng, analyst with Huaxi Securities.
Market sentiment turned cautious after a number of companies listing on the Growth Enterprises Board of the Shenzhen Stock Exchange were ordered to issue risk warnings to investors in a bid to cool speculative trading.
The ChiNext Index, which tracks transactions on the Nasdaq-style board, has surged 45 percent since the start of this year.
"ChiNext stocks will peak soon because they are getting too expensive and riskier," said Hong Hao, chief strategist at BOCOM International Holdings Co Ltd.
The number of A-share accounts with positions decreased by 63,700 last week, falling six weeks in a run, according to data from China Securities Depository and Clearing Corporation Ltd.
Media firms were among the biggest losers. Beijing Gehua CATV Network Co lost 1.5 percent to 7.94 yuan. Jiangsu Phoenix Publishing & Media Corp fell 1.7 percent to 8.80 yuan. Jishi Media Co slumped 3.2 percent to 7.35 yuan.
The key Shanghai Composite Index slipped 0.12 percent to 2,302.40 points. Daily turnover was 115.3 billion yuan (US$18.9 billion) at the trading close.
"Small-cap stocks will go through a technical correction in the short term because they have been overvalued after continuous gains," said Mao Sheng, analyst with Huaxi Securities.
Market sentiment turned cautious after a number of companies listing on the Growth Enterprises Board of the Shenzhen Stock Exchange were ordered to issue risk warnings to investors in a bid to cool speculative trading.
The ChiNext Index, which tracks transactions on the Nasdaq-style board, has surged 45 percent since the start of this year.
"ChiNext stocks will peak soon because they are getting too expensive and riskier," said Hong Hao, chief strategist at BOCOM International Holdings Co Ltd.
The number of A-share accounts with positions decreased by 63,700 last week, falling six weeks in a run, according to data from China Securities Depository and Clearing Corporation Ltd.
Media firms were among the biggest losers. Beijing Gehua CATV Network Co lost 1.5 percent to 7.94 yuan. Jiangsu Phoenix Publishing & Media Corp fell 1.7 percent to 8.80 yuan. Jishi Media Co slumped 3.2 percent to 7.35 yuan.
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