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July 20, 2016

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Shares fall as investors take profits

SHANGHAI stocks fell yesterday after investors took profits in blue-chip companies even as they remained cautious amid questions about China’s economic outlook.

The Shanghai Composite Index shed 0.23 percent to end at 3,036.6 points.

Falling consumer staples overshadowed gains by small-cap technology companies.

“There is a bout of profit-taking among blue-chip shares, which have outgrown small-cap shares in the recent market rebound,” Guangzhou Wanlong Securities Consulting Co said in a report.

Distilleries fell the most, with Kweichow Moutai Co, the most expensive stock in China, losing 2.6 percent to 308 yuan (US$46) after gaining more than 18 percent since mid-June. Shanxi Xinghuacun Fen Wine Factory Co fell 4.2 percent to 23 yuan.

Latest data indicating a slowdown in China’s housing sector, which drove economic growth in the second quarter, cast a shadow on economic outlook.

“We believe the strong contribution from the real estate sector will fade as property investment has been slowing since May,” Nomura Securities said in a note yesterday.

The yuan’s weakening also added to market uncertainties. It fell below the psychologically important 6.7 against the US dollar for the first time in over five years on Monday.


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