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Shares drop as 4-day winning run ends
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SHANGHAI stocks fell yesterday, snapping a four-day winning streak, as investors locked in profits ahead of the release of January economic data.
The Shanghai Composite Index dipped 0.55 percent to 2,098.40 points.
“The market is facing increasing resistance after days of gains,” said Shenyin Wanguo Securities.
The market performed strongly after the weeklong Spring Festival holiday, with the index rising four days in a row as liquidity conditions improved.
Investors took profit in small-cap shares, analysts at Guangzhou Wanlong Securities Consulting Co said.
Media and technology companies followed the decline of their peers on the Shenzhen market, where ChiNext, a Nasdaq-style board for growth enterprises, sank 3.6 percent to 1,485.13 points yesterday after rising for seven weeks.
BesTV New Media Co Ltd fell 6.6 percent to 40.15 yuan (US$6.6). Time Publishing and Media Co Ltd plunged 7.5 percent to 21.71 yuan and Aerospace Communications Holdings Co slid 6.3 percent to 12.87 yuan.
Market watchers said investors were cautious ahead of today’s release of economic data, including inflation, because trade and manufacturing numbers released earlier gave a mixed signal on the state of the world’s second largest economy.
But Northeast Securities said the market is likely to rise in the short term as liquidity conditions continued to improve.
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