Small-caps drag index down
By Ye Zhen |
May 23, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday to snap a winning streak of five days as small-cap companies dropped on a market correction after recent gains.
The Shanghai Composite Index declined 0.12 percent to 2,302.4 points.
"Small-cap stocks will go through a technical correction in the short term because they may have been overvalued due to recent gains," said Mao Sheng, an analyst with Huaxi Securities.
Investors became cautious after a number of companies listed on the growth-enterprise market were ordered by the Shenzhen Stock Exchange to release warnings of risks in a bid to cool speculative trading.
Media firms were among the biggest losers. Beijing Gehua CATV Network Co lost 1.5 percent to 7.94 yuan (US$1.29). Jiangsu Phoenix Publishing and Media Corp fell 1.7 percent to 8.80 yuan. Jishi Media Co dropped 3.2 percent to 7.35 yuan.
The Shanghai Composite Index declined 0.12 percent to 2,302.4 points.
"Small-cap stocks will go through a technical correction in the short term because they may have been overvalued due to recent gains," said Mao Sheng, an analyst with Huaxi Securities.
Investors became cautious after a number of companies listed on the growth-enterprise market were ordered by the Shenzhen Stock Exchange to release warnings of risks in a bid to cool speculative trading.
Media firms were among the biggest losers. Beijing Gehua CATV Network Co lost 1.5 percent to 7.94 yuan (US$1.29). Jiangsu Phoenix Publishing and Media Corp fell 1.7 percent to 8.80 yuan. Jishi Media Co dropped 3.2 percent to 7.35 yuan.
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