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Shares lose energy and nerves of steel to fall
Print Edition
SHANGHAI stocks dipped yesterday after gaining modestly in the morning session, with energy and steel producers under pressure from a slower economic growth.
The Shanghai Composite Index shed 0.49 percent to 3,4755.50 points.
Steel and metal producers were pressured as their profitability was likely to be impacted as China continues to downsize state-run industrial giants as part of extensive reforms.
Angang Steel Co Ltd lost 1.1 percent to 4.51 yuan, Wuhan Iron & Steel Co shed 1.46 percent to 3.37 yuan and Jiaozuo Wanfang Aluminum Manufacturing Co fell 1.31 percent to 6.78 yuan.
“Fundamentally, the market remains under pressure as most banks and state-owned enterprises are likely to be affected by slowing investment,” said Francis Cheung, head of China-HK Strategy at CLSA.
But brokerages gained as their underwriting revenues may rise after China said it would shift from an approval mechanism to a registration system for new share sales within two years.
China Merchants Securities added 1.11 percent to 20.96 yuan and China Pacific Securities Co climbed 1.34 percent to close at 9.07 yuan.
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