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Shares decline as investors take profits
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THE Shanghai stock market dipped yesterday, as investors took profits after seven straight trading days of gains.
The Shanghai Composite Index fell 0.35 percent to 2,318.31 points.
“Investors cashed in their shares to reap gains after blue chips had propelled the index past 2,300 points,” said Tianxin Investment.
Financial-related shares contributed most to the decline in the market.
New China Life Insurance dropped 2.21 percent to 24.78 yuan (US$4.04), Anxin Trust shed 1.9 percent to 18.10 yuan, and China Pacific Insurance lost 1.82 percent to 19.91 yuan.
Shares of sapphire-related companies declined after the latest iPhone 6 models, released on Tuesday in California, did not use the material for the screen.
TDG Holding dropped 7.86 percent to 11.61 yuan, while Anhui Tongfeng Electronics lost 1.12 percent to 7.06 yuan.
Investors were also dismayed by a report released on Tuesday by the London Metal Exchange, where more than 80 percent of global nonferrous business is traded, that showed a fall in prices of nonferrous metals.
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