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Shares drop on investors鈥 profit-taking
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SHANGHAI stocks fell yesterday after investors took profits from previous gains, with financial and manufacturing counters leading the decline.
The benchmark Shanghai Composite Index shed 0.81 percent to end at 2,903 points, narrowing from a loss of 1.85 percent in earlier trading.
Brokerages and insurers fell, with CITIC Securities, China’s biggest listed brokerage, losing 2.2 percent and Ping An Insurance down 1.5 percent.
Industrial shares also fell, with China Shipbuilding Industry Co sinking 1.6 percent.
“The decline was mainly driven by investors who took profits from market gains before,” Guangzhou Wanlong Securities Consulting Co said in a note.
The Shanghai index has gained 10 percent from a low in January, boosted by liquidity injections by the central bank, the government’s effort to support the housing sector, a key driver of the economy, and the replacement of the head of China’s top securities regulator.
On Monday, China’s leaders pledged to improve the quality of development and maintain economic growth at a reasonable range during the 2016-2020 period, Xinhua news agency said, citing a government statement after a meeting chaired by President Xi Jinping.
HSBC Holdings Plc yesterday cut its year-end forecast for the Shanghai index to 3,200 points, citing earning concerns.
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