Shares slip as no deal to freeze oil production
Print Edition
SHANGHAI stocks fell yesterday as investors stayed cautious after talks in Doha on freezing production by top oil producers did not end in an agreement.
The Shanghai Composite Index lost 1.44 percent to close at 3,033.66 points.
Falling oil prices have taken their toll on petroleum shares. Geo-jade Petroleum Corp lost 4.86 percent to 8.74 yuan (US$1.35) as oil prices shed over 5 percent in early Asian trading hours. Oil majors like PetroChina fell 2.06 percent to 7.59 yuan and Sinopec lost nearly 3 percent to 4.86 yuan.
James Purcell, cross-asset strategist at UBS Chief Investment Office Wealth Management, said yesterday that investing over the short term would be hit by falling global oil prices, a view echoed by Chen Jie, chief strategic analyst at GF Securities.
“It’s not wise to expand investment,” Chen said, adding that the rebound of the Chinese stock market is inhibited by a gloomy macro-economy.
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