Shares drop as economic data awaited
Print Edition
SHANGHAI stocks yesterday fell for the first time in three trading days as investors awaited the release of economic data this week.
The Shanghai Composite Index shed 0.16 percent to close at 2,934.1 points. The market last week posted its first weekly gain in nearly two months amid growing optimism that index provider MSCI will soon include A shares into its widely traded emerging market index.
“This week, the market will focus on May’s credit and economic data to be released between June 9 and 11,” Gao Ting, head of China strategy at UBS Securities, wrote in a report yesterday.
He added that if an announcement is made of A shares being included in the MSCI, “sentiment in the A-share market is likely to recover.”
Brokerages paced the decline of financial shares after they surged last week on expectations that China will soon announce a stock trading link between Shenzhen and Hong Kong exchanges.
CITIC Securities fell 1 percent while Industrial Securities lost 1.4 percent.
Shares of coal companies also declined as a prolonged economic slowdown depresses demand.
Henan Dayou Energy Co slumped 8.5 percent while Shaanxi Coal Industry Co declined 1.3 percent.
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