Shares decline to 1st weekly loss in a month
Print Edition
SHANGHAI’S key stock index fell to the first weekly loss in a month yesterday as investors stayed cautious ahead of the release of key economic data.
The Shanghai Composite Index shed 0.54 percent to 2,029.96. For the week, the index lost 0.45 percent, snapping a three-week winning streak.
“The market was dragged down by oil, coal and finance sectors as a sluggish turnover indicated a strong wait-and-see stance,” said Dong Wangfei, analyst at Western Securities.
Investors were waiting for more clues from key economic data, including trade, inflation, industrial output and retail sales, due out next week.
Guolian Securities said there’s still concern the looming restart of initial public offerings will divert funds from existing shares.
PetroChina shed 0.4 percent to 7.47 yuan (US$1.20). Offshore Oil Engineering lost 1.8 percent to 7.05 yuan, and Shanghai Lonyer Fuels dropped 2.3 percent to close at 12.57 yuan.
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