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December 3, 2016

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Shares edge down amid weak investor sentiment

SHANGHAI stocks fell yesterday amid weak investor sentiment due to policy and economic uncertainties, as well as profit-taking.

The Shanghai Composite Index shed 0.9 percent to 3,243.84 points. For the week, the index shrank 0.55 percent.

“Domestic investors were uncertain about the economic outlook,” said Li Kai, an investment consultant at Changjiang Securities.

Investors were willing to sit on the sidelines even as the Shenzhen-Hong Kong Stock Connect, to start on Monday, would provide more opportunities to both Chinese mainland and overseas investors.

“They held a wait-and-see attitude before the real implementation,” Li said.

Given that the official manufacturing Purchasing Managers’ Index has stayed above the 50 mark separating expansion from contraction for the past four months, “investors were unsure which industries would be the long-term highlights,” said Zheng Mingang, an analyst at Northeast Securities.

Zhang Qi, an analyst at Haitong Securities, said: “The market’s decline was also partially due to profit-taking.”


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