Shares drop after 4 days of increases
Print Edition
SHANGHAI stocks dived yesterday after gaining for four straight trading days as investors took profits in blue chips such as financial and mineral resources.
The Shanghai Composite Index dropped 2.39 percent to 3,293.46 points.
Guangzhou Wanlong Securities Consulting said investors cashed in their shares to prepare funds for the upcoming initial public offerings in the following week. There will be twice as many IPOs compared with the previous rounds in 2014, and the high number is set to raise concerns over liquidity in the market.
Despite the plunge yesterday, investors were hopeful of a new rally because shares of nuclear energy and agriculture companies have gained from beneficial policies, Guangzhou Wanlong said.
Haitong Securities said there will be around 5 trillion yuan (US$805 billion) in market liquidity in 2015, which will support a momentum for future rallies.
Brokerages fell. Huatai Securities dived 6.25 percent to 25.21 yuan, Founder Securities lost 5.39 percent to 12.47 yuan, and Soochow Securities shed 4.74 percent to 20.71 yuan.
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