Shares drop for 1st time in 4 days
Print Edition
SHANGHAI shares yesterday fell for the first time in four days amid a market correction, while small caps resumed trading.
The Shanghai Composite Index shed 1.16 percent to 3,924.49 points. The index traded as high as 4,035.44 points during the day.
Blue chips and insurance shares led the decline. China’s biggest listed brokerage CITIC Securities Co fell 6.46 percent to 25.64 yuan (US$4.13), and New China Life Insurance Co dropped 4.78 percent to 51.65 yuan.
Banking shares also declined despite better-than-expected new monthly lending worth 1.28 trillion yuan, according to data by the People’s Bank of China.
More than 250 small-cap companies resumed trading yesterday amid renewed investor buying interest.
“The most panicky period in Chinese equities in 2015 is likely behind us,” said Wendy Liu, strategist at Nomura Securities Co.
She said that the market needed further consolidation through mid-August’s interim reporting period for listed companies and the release of the country’s macro-economic data.
The market has rebounded nearly 13 percent by Monday after China took measures to stop a rout that wiped almost US$4 trillion in market value.
The China Securities Regulatory Commission banned large shareholders from selling stakes, ordered state-run institutions to buy equities, allowed the central bank to finance stock buying and stepped up investigation of margin lending.
“The market may take some time to consolidate after the recent surge,” said Tang Jie, researcher at the National School of Development at Peking University.
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