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Shares drop as investors cash in gains
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SHANGHAI stocks dipped yesterday amid a record-high trading volume as investors cashed in gains after the benchmark index hit its highest level in three years.
The Shanghai Composite Index ended 0.16 percent lower after rising as much as 1.38 percent to a three-year high earlier. Shares worth 331.3 billion yuan (US$54 billion) changed hands during the day — the most on record.
Small-cap shares led the market decline while blue chips that may benefit the most from the upcoming exchange link also pared earlier gains.
“The market suffered from a bout of profit-taking as there were concerns the Shanghai-Hong Kong Stock Connect may fail to meet high expectations in the short term,” said Shenyin & Wanguo Securities.
Since the scheme was unveiled in April, the Shanghai index has surged nearly 18 percent on hopes for increased capital inflows. But a lack of clarity about tax issues and a hasty one-week preparation for the launch may deter some investors.
The securities regulators on China’s mainland and Hong Kong said on Monday that the scheme allowing cross-border trading of shares on the two exchanges will launch next Monday.
Information technology companies bore the brunt of the decline as investors shifted funds into financial shares.
Yonyou Software lost 2.3 percent to 20.59 yuan. Shanghai East-China Computer dropped by the 10 percent daily limit to close at 41.53 yuan.
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