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Shares drop the most in 1 month
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Shanghai stocks fell the most in one month yesterday after financial shares and coal producers declined.
The Shanghai Composite Index lost 1.5 percent, the biggest drop since November 13, to 2,204.17 points.
“The market is unlikely to break through the current level within the year due to limited liquidity conditions,” said Ouyang Chang, investment consultant with Goldstate Securities.
Shanghai Pudong Development Bank dropped 2.1 percent to 9.93 yuan (US$1.64). The Industrial Bank slumped 2.5 percent to 10.46 yuan.
CITIC Securities, China’s biggest listed brokerage, shed 3.4 percent to 12.68 yuan, and Haitong Securities lost 3.8 percent to 11.43 yuan.
UBS Securities said in a report yesterday that although lenders are cheap at current valuation, they are unattractive to investors who worried about the impact of liberal interest rates. Another concern is the banks may post estimated annual growth of only 5-10 percent in earnings next year.
Coal producers also fell after the National Development and Reform Commission outlined measures to promote energy conservation and cut emissions to tackle air pollution.
China Shenhua Energy Co shed 2 percent to 16.49 yuan. Shanxi Coal International Energy Group Co fell 2.4 percent to 5.59 yuan, and Wintime Energy Co lost 1.3 percent to close at 6.10 yuan.
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