Shares slide as turnover heads south
Print Edition
SHANGHAI shares fell yesterday as turnover slumped despite the central bank’s promise to stabilize the market.
The Shanghai Composite Index dropped 1.65 percent to 3,694.57 points, though was up 0.65 percent at one point during the morning session.
Trading volume was 31 percent below the 30-day average at 463.3 billion yuan (US$74.6 billion).
“The government’s attempts at intervention might have supported prices initially, but the effects won’t last for ever,” said Wang Feng, an analyst with Shanghai Securities Co.
In the latest show of official resolve to keep the economy stable, the People’s Bank of China said on Tuesday that it will head off risk in order to “stabilize financial market expectations.”
Zhang Gang, an analyst at Central China Securities in Shanghai, said the main problem is that the stock market still lacks support from economic fundamentals.
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