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Shares see sharp drop of 1.25%
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SHANGHAI stocks slumped yesterday as aviation and financial counters declined.
The Shanghai Composite Index fell sharply by 1.25 percent to close at 3,280.81 points.
“Investors are worried that the implementation of large capital management policies next year will have negative influence on banks, which caused the volatile bank shares to drop,” Yang Hai, strategic analyst of Kaiyuan Securities, said in a note.
Jiangsu Changshu Rural Commercial Bank Co Ltd, Wuxi Rural Commercial Bank Co Ltd and China Minsheng Banking Corp Ltd all fell by over 2 percent, while Jiangsu Wujiang Rural Commercial Bank Co lost 3.2 percent to end at 8.18 yuan.
Insurers also declined sharply, with China Pacific Insurance Group Co Ltd shedding 4.15 percent and China Life Insurance Co Ltd losing 3.67 percent.
China Southern Airlines Co Ltd fell 6.52 percent to 10.46 yuan while Air China Ltd and China Eastern Airlines Corporation Ltd both lost over 5 percent.
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