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Shares dip as protection pledge ignored
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Shanghai stocks ended lower yesterday as investors largely ignored the central government’s pledge to enhance protection for small investors.
The Shanghai Composite Index shed 0.18 percent, or 3.72 points, to 2,097.53.
On Friday, the State Council, China’s Cabinet, released a nine-point statement that seeks to better protect small investors, including setting up an investor classification system to bar unprofessional investors from certain sectors and establishing an insurance system to help listed companies avoid the risk of delisting.
The central government also vowed to increase dividend payments and investors’ voting rights, refine a compensation system for investors, and tighten scrutiny of market irregularities.
“The measures are quite purposeful and operational, which are positive for restoring the market confidence,” Cao Xuefeng, analyst with Huarong Securities, said in a note yesterday.
But Cao added the upcoming economic data and uncertainty over the resumption of initial public offerings will weigh on the market in the short term.
“Meanwhile, the interest rate liberalization and the audit finding of local government debt will depress the performance of financial shares,” said Cao.
China Minsheng Banking Corp lost 1.3 percent to 7.57 yuan (US$1.25). The Bank of China fell 1.9 percent to 2.61 yuan, and the Bank of Communications lost 2.3 percent to 3.80 yuan.
Poly Real Estate, China’s second-largest listed developer, lost 1.6 percent to 8.03 yuan.
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