Shares fall as doubts cast shadow on investors
Print Edition
SHANGHAI shares yesterday fell for a third trading day as investor sentiment was being clouded by doubts whether China’s economy could meet its growth target and also over the market’s direction.
The Shanghai Composite Index lost 0.25 percent to 3,465.49 points after swinging from moderate gains to losses earlier in the day.
“Investors are struggling to guess the direction of the mainland market,” said Gerry Alfonso, director of trading at Shenwan Hongyuan Securities.
He added that market sentiment continued to weigh on China’s uncertain prospects of reaching its growth target of 7 percent by year end.
Health care shares and baby-related companies led the retreat in Shanghai yesterday, with Xinjiang Tianrun Dairy Co falling 7.56 percent to 29.59 yuan (US$4.67) and Well Lead Medical Co off 3.89 percent to 36.60 yuan.
Baby-related stocks had rallied after China announced last week it would end a one-child policy that has been in place for more than three decades.
Zhang Gang, analyst at Central China Securities in Shanghai, said the market is expected to face rising downside pressure as the US Federal Reserve prepares to raise interest rates, possibly in December.
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