Shares fall 3% despite better GDP data
Print Edition
SHANGHAI shares yesterday fell for a second day as investors took profit despite China’s better-than-expected economic data in the second quarter.
The Shanghai Composite Index slumped 3.03 percent to 3,805.7 points, easing earlier declines up to 4.62 percent.
At least 1,240 stocks fell by 10 percent daily limit yesterday. Hotels, transport companies and brokerages led the fall, with China’s third-biggest brokerage Guotai Junan Securities Co slumping by the 10 percent daily limit to 27.34 yuan (US$4.40) as did China COSCO Holdings Co to 8.04 yuan.
The National Bureau of Statistics said yesterday that China’s gross domestic product grew 7 percent year on year in the second quarter. The expansion was in line with the government’s annual target and outperformed experts’ forecast. But the economic figures had little impact on investor sentiment.
“Chinese investors at present care more about what the government policy toward the market is rather than fundamental factors,” said Zhang Qi, Shanghai-based senior stock analyst at Haitong Securities Co. “That’s why the connection between the economy and the market has somehow loosened and investors chose profit-taking.”
The Shanghai gauge has shed 25 percent in four weeks, rebounding from a 30 percent loss after the government stepped up measures like banning shareholders from selling stakes and ordering state-backed institutions to buy equities. Chinese regulators are also cracking down on gray-market margin financing.
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