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Shares extend weekly loss to above 5%
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SHANGHAI shares yesterday sank for a second day, extending their weekly loss to above 5 percent amid cautious investor trading on concern over a weak economy.
The Shanghai Composite Index dropped 3.5 percent to 3,005.17 points, dragged down by commodity producers and technology companies. The index traded below the symbolic 3,000-point level in the afternoon session.
“The economy has not shown signs of a pickup after cuts in interest rates and reserve requirement ratios,” said Zhang Haidong, chief strategist at Jinkuang Investment Management in Shanghai.
He added that the yuan devaluation still hangs over the market. “Yuan-denominated assets face downward pressure. The market is still weak,” Zhang said.
Disappointing economic indicators such as fixed-asset investment and industrial production over the weekend signaled that further stimulus may be on the way. But investors yesterday were not quite convinced of a huge stimulus package as they were during the previous rescue package.
“Normally, expectations of more stimulus would lead to demand for smaller and speculative stocks, but yesterday, market participants were not convinced that there will be a massive plan in the pipeline,” IG’s market strategist Bernard Aw wrote in a note.
Yesterday’s fall occurred despite the China Securities Regulatory Commission saying late on Monday that it would continue to fight margin financing from the gray market.
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