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Shares end at 7-day low
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Shanghai shares yesterday extended their losses for three days in a row, closing at a seven-day low, with stocks related to the free trade zone losing steam after their recent rallies.
The Shanghai Composite Index fell 2.05 percent to end at 2,185.56 points. The Shanghai index has risen more than 10 percent from this year’s low on June 27 as data covering exports and industrial output showed accelerating growth in the economy while companies based in Shanghai surged after the State Council, China’s Cabinet, approved a free trade zone in the city.
“The recent rally is ... mainly the result of speculation at heavily weighted but undervalued shares,” said Deng Eryong, an analyst with Changjing Securities.
FTZ-related stocks fell yesterday. Shanghai International Port (Group) Co fell by the daily limit of 10 percent to 5.87 yuan (96 US cents) after media reports said UBS downgraded the stock to “sell.” Shanghai Jinqiao Export Processing Zone Development Co lost 7.46 percent to 13.28 yuan.
Investors have cashed in more than 300 million yuan from the FTZ-linked stocks this month, said Chinese financial data provider Wind Information.
Shanghai Waigaoqiao Free Trade Zone Development Co, however, rose 4.84 percent to 44.44 yuan.
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