Shares dip as banks continue weak run
Print Edition
SHANGHAI stocks yesterday fell for a third straight day as the decline of financial shares overshadowed gains made by property developers.
The Shanghai Composite Index shed 0.17 percent to 3,104.11 points.
Bank shares continued their weak run amid news reports state-backed funds that bought shares to hold up their prices during last summer’s market rout have sold bank stocks.
Shanghai Pudong Development Bank fell 1.2 percent to 16.44 yuan (US$2.48) while Bank of Communications lost 1.2 percent to 5.81 yuan.
Bloomberg News yesterday cited unnamed sources as saying that China’s state-backed funds sold bank shares after the market rallied to a seven-month high earlier this week.
“The government-linked funds were said to take the opportunity of a big rally on Monday to unload bank shares in order to slow the pace of the market rebound,” Luo Lichang, analyst with GF Securities, wrote in a note yesterday.
Gains made by property developers narrowed the market’s fall yesterday despite data showing the rise in home prices in China slowed again last month.
Gemdale Corp added 4.5 percent to 12.56 yuan. Poly Real Estate Group Co Ltd rose 2.5 percent to 10.14 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
