Shares give up 2 days of gains to close lower
Print Edition
SHANGHAI shares gave up two days of gains and closed lower yesterday after overseas markets performed weakly amid growing expectations of a US rate hike in December.
The Shanghai Composite Index shed 0.22 percent to 3,058.5 points.
The weakening yuan also dampened market sentiment after it touched a fresh six-year low yesterday with China’s central bank easing the yuan’s reference rate for a sixth day, clouding the appeal of yuan-denominated assets.
Banks lost, with China Merchants Bank off 0.98 percent to 18.15 yuan (US$2.70) and China Construction Bank losing 0.58 percent to 5.18 yuan.
Cement makers also fell after the Ministry of Industry and Information Technology announced a ban on expanding new output capacity until 2020.
Anhui Conch Cement Co fell 2.61 percent to 16.45 yuan.
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