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August 25, 2016

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Shares dip on mixed sectoral fortunes

SHANGHAI shares dipped yesterday amid a mixed sectoral performance as trading remained sluggish.

The Shanghai Composite Index dipped 0.12 percent to close at 3,085.88 points amid a low turnover of 168.4 billion yuan (US$25.5 billion).

Shares of brokerages and financial counters fell, with GF Securities losing 1.99 percent to 16.74 yuan and China Merchants Securities shedding 1.33 percent to 17.82 yuan.

Ping An Insurance Group Co dropped 1.46 percent to 34.33 yuan.

Market watchers suggested that investor sentiment dimmed and most of the investors adopted a wait-and-see attitude going by the low trading volume.

Huatai Securities wrote in a research note yesterday that the index lacked momentum to climb further and the slim turnover was likely to continue.

A slightly brighter note was that virtual reality firms rose after Google was reported to be planning to launch a virtual reality platform service within several weeks for content producers and online streaming companies.

Zhejiang Crystal-optech Co jumped 7.06 percent to 25.78 yuan while Zhejiang Century Huatong Group Co hiked 7.74 percent to 26.99 yuan.


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