Shares fall from 2-week high on profit-taking
Print Edition
SHANGHAI stocks yesterday fell from a two-week high as investors locked in profits from recent gains.
The Shanghai Composite Index slid 0.19 percent, or 3.85 points, to 2,059.38.
For the week, the index gained 1.12 percent.
“The market is on a downward correction after days of gains,” said Dong Wangfei, an analyst at Western Securities.
He said short-term speculators took profits from a recent rebound because they were worried whether the market would maintain its four-day rally that was helped by strong economic data and improving liquidity.
Cheng Feng, an analyst at Changjiang Securities, said investors were cheered by a stabilizing economy in the short term, but a persistent cooling in the real estate sector is clouding the long-term outlook.
Port firms fell the most after rising in the previous session.
Rizhao Port slumped 9.3 percent to 2.91 yuan (47 US cents). Jiangsu Lianyungang Port lost 6 percent to end at 4.23 yuan, and Dalian Port tumbled 10 percent to close at 3.15 yuan.
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