Shares fall a day after strong rally
Print Edition
CHINESE stocks slid yesterday, a day after Shanghai’s best rally in more than two years. The Shanghai Composite Index closed down 1.17 percent at 2744.07 points and the Shenzhen Component Index slipped 2.02 percent to end at 8499.22 points.
Medical, automotive electronics and network shares all fell sharply. But there were gains for the cement, natural gas, steel, petroleum and petrochemical sectors.
The central bank on Monday urged major banks to avoid “herd behavior” and momentum-chasing in the forex market, in the latest move to promote currency stability.
“The news about the PBOC’s meeting with banks helped sentiment,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd.
However, “you can’t chase a rally in a bear market, we are far from the bottom yet,” said China Vision Capital president Sun Jianbo. “The macro uncertainties haven’t changed at all.”
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