Shares lose nearly 1% on profit-taking
Print Edition
SHANGHAI stocks fell nearly 1 percent yesterday as investors took profits in blue chips such as banks.
The Shanghai Composite Index lost 0.92 percent to 2,066.7 points after rising to a nearly two-month high on Monday.
Investor sentiment also dimmed after the Ministry of Commerce said yesterday that foreign direct investment in China dropped 6.7 percent in May, the most in 16 months.
The decline in financial shares was led by the Industrial and Commercial Bank of China, which shed 1.32 percent to 3.73 yuan (60 US cents), its biggest loss since March 10. Banks had gained on Monday on news China has extended a reserve requirement ratio cut.
The Industrial Bank slid 1.46 percent while Ping An Insurance (Group) Co fell 1.27 percent.
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