Shanghai stocks slip slightly for 2nd day
Print Edition
SHANGHAI shares fell for a second day yesterday despite making early gains.
The Shanghai Composite Index ended the morning up 0.8 percent, but fell 0.2 percent for the day to 2,815.09 points.
Most sectors closed down, with the transport sector leading the decline.
Shanghai-based Juneyao Airlines Co fell 9 percent to 26.10 yuan (US$3.98), while China Southern Airlines Co dipped 4.6 percent to 6.82 yuan.
China’s currency extended its losing streak against the US dollar to six days after the central bank fixed the softest midpoint since March 2011. Concerns are rising about money outflows as the United States looks increasingly likely to raise interest rates.
Investors are also looking closely at Morgan Stanley Capital International to see if it will include China’s A-shares in its benchmark emerging markets index, said Li Lifeng, an analyst with Sinolink Securities Co.
With funds cooling in Shanghai due to a lack of policy support, blue-chip shares could become the next trading targets if the decision is made, he said.
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