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August 25, 2017

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Shares drop as investors take profits

SHANGHAI stocks fell yesterday as investors took profits in telecommunication shares amid optimism about China’s reform of state-owned enterprises.

The Shanghai Composite Index edged down 0.49 percent to close at 3,271.51 points.

Telecom, computer and consumer shares were among the biggest decliners yesterday. The telecom sector shed over 1 percent, led by the decline of China Unicom Network Communications Ltd.

China Unicom fell 6.7 percent to 8.36 yuan (US$1.26). Shanghai Athub Co lost 3.40 percent to 43.18 yuan.

Investor sentiment got a lift from China’s reform of its SOEs. Haitong Securities said in a note yesterday that shares related to SOE reform were set to grow.

The Securities Times said yesterday China has selected several SOEs for its third round of the mixed ownership reform program.

“The National Development and Reform Commission has selected the third batch of enterprises,” said spokesperson Meng Wei.


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