Shares lose steam after 3 days of gains
Print Edition
Shanghai stocks yesterday dipped for the first time in three days after a warning of risks in China’s financial system, while concerns over escalating tension in Syria also dampened investor sentiment.
The benchmark Shanghai Composite Index lost 0.11 percent to 2,101.3 points.
A gauge measuring 21 shares in the banking sector shed 0.44 percent yesterday after Xu Shaoshi, director of the National Development and Reform Commission, warned of risks in the financial system.
China faces fiscal challenges, rising potential financial risks and employment pressure in some industries, Xu said yesterday at a meeting of the Standing Committee of the National People’s Congress, the country’s top legislature.
The Industrial and Commercial Bank of China, the nation’s largest bank, fell 0.5 percent to 3.88 yuan (63 US cents).
Investors were also dejected by the tumble of global stock markets on concerns the United States will take military action against Syria for using chemical weapons on its people.
“The China stock market failed to keep the gains under pressure of global stock markets,” said Jiang Haiyu, an analyst with Lianxun Securities Co.
The MSCI Asia Pacific Index fell 1.5 percent in Tokyo yesterday, heading for the lowest close since June 27. That followed the Dow Jones Industrial Average losing 1.1 percent to close at a two-month low on Tuesday.
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