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Shares drop at midday on Tianjin FTZ speculation
Online Edition
Shanghai stocks fell slightly in the morning session today as Tianjin-based firms surged on speculation the city may set up the second free-trade zone in China.
Shares related to Shanghai’s free-trade zone fell on profit taking.
The key Shanghai Composite Index shed 0.08 percent to 2,196.54 points. Turnover was 65.3 billion yuan (US$10.7 billion) in the morning.
Tianjin-based property developers, logistics firms and port operators led the market after media reports said the port city in northern China had submitted a plan to set up a free-trade zone to the State Council.
Tianjin Songjiang Co, a company engaged in real estate development and logistics, increased the daily limit of 10 percent to 5.27 yuan. Tianjin Marine Shipping Co also surged 10 percent to 5.61 yuan. Tianjin Port Co jumped 10 percent to 8.17 yuan.
However, FTZ-related shares in Shanghai suffered losses as investors cashed in profits after China officially launched the zone on September 29.
Shanghai Waigaoqiao Free Trade Zone Development Co, operator of two of the four bonded zones included in the FTZ, fell 2.1 percent to 52.10 yuan after gaining more than 300 percent last month.
Shanghai International Port (Group) Co lost 1.03 percent to 5.76 yuan. Shanghai Pudong Development Bank Co, one of the first lenders licensed to set up a branch in the zone, declined 0.39 percent to 10.10 yuan.
Shenyin & Wanguo Securities said better liquidity would likely boost the market in the short term while uncertainties in overseas markets could depress cyclical shares.
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