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Shares take breather after gains
Print Edition
SHANGHAI stocks retreated yesterday after a three-day gain as the market needs to consolidate after rebounding strongly.
The Shanghai Composite Index shed 0.19 percent to 2,193.13 points.
“The market needs to take a breather to consolidate after a strong rebound,” said Shenyin and Wanguo Securities. “The rebound is expected to continue in the near term on economic resilience and reform expectations.”
Analysts are generally optimistic about the market outlook on high expectations over China’s bold set of reforms targeting economic, social, legal and cultural issues.
Brokerages fell after surging on Monday on hopes that China will introduce a registration-based initial public offering system.
Haitong Securities lost 2 percent to 11.47 yuan (US$1.88). China Merchants Securities Co shed 2.4 percent to 10.99 yuan, and Industrial Securities fell 2.4 percent to 9.46 yuan.
Most property developers fell after Guangzhou raised the down payment for second-home buyers to 70 percent following Shenzhen and Shanghai to rein in soaring home prices. New home prices in Guangzhou jumped 20.7 percent from a year earlier in October. Poly Real Estate, China’s second-largest listed developer, lost 0.9 percent to 9.28 yuan. Shanghai Industrial Development Co shed 1.8 percent to close at 8.85 yuan.
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