Shares dip as investors take profits
Print Edition
SHANGHAI shares edged down yesterday due to profit-taking pressure after the key index posted its biggest rebound in five weeks.
The Shanghai Composite Index ended 0.05 percent lower at 2,991.27 points, erasing earlier gains by as much as 0.37 percent. The index rose above the key 3,000-point level in the afternoon session but soon traded lower as resource shares led declines.
Yangquan Coal Industry Group Co fell 3.6 percent to 7.24 yuan (US$1.12), while Yanzhou Coal Mining Co shed 2.31 percent to 10.56 yuan.
The benchmark index posted its biggest gain since March 30 on Tuesday after the May Day holiday as consumer shares rose and there had been talk about building a “healthy” equities market by the authorities.
Market sentiment has improved since early March due to a positive short-term economic outlook, but still remains fragile as no strong measures had yet to be unveiled to prop up the stock market, observers said.
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