Shares see biggest decline in 3 months
Print Edition
SHANGHAI stocks plunged the most in three months yesterday, suggesting a pessimistic sentiment over the outlook for the Chinese economy.
The Shanghai Composite Index tumbled by 3.21 percent to 2,933.07 points on the first trading day after the Dragon Boat Festival holiday, which was also the fourth consecutive trading day of decline.
China Sports Industry Group Co, the country’s largest listed sport company, slumped by the 10 percent daily limit to 16.69 yuan (US$2.53), as did computing devices manufacturer Chunghsin Technology Group Co to 29.04 yuan.
Almost all industry sectors fell except for gold mining companies because the precious commodity is seen as being more resistant to investment risk.
Wanlian Securities said in a note that the Chinese economy is seen to remain steady without a significant growth momentum, which would give little incentive to investors to trade and “trading volumes these days have been depressing.”
Data released by the National Bureau of Statistics yesterday showed the country’s industrial added value grew 6 percent in May year on year, flat from April.
Investors are also waiting to see if mainland shares will be included in the MSCI global index. MSCI is set to unveil the decision this week.
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