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March 9, 2017

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Shares inch down on profit-taking

SHANGHAI shares inched down on profit-taking yesterday after a two-day winning streak.

The Shanghai Composite Index ended down 0.05 percent at 3,240.66 points.

Sentiment was not moved by positive data such as a rebound in foreign exchange reserves to above US$3 trillion and upbeat monthly trade figures.

Hedge fund manager Zhang Kaihua said an anticipated US rate hike next week “may prod China to tighten liquidity and increase money rates.” China’s central bank yesterday drained a net 20 billion yuan (US$2.9 billion) from the interbank market via open market operations.


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