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August 19, 2016

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Home » Business » Finance

Shares dip as banks continue weak run

By Vera Ye | August 19, 2016, Friday | 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.

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