Stocks end down after blowing early gains
Print Edition
SHANGHAI shares gave up gains and ended in negative territory yesterday as investors traded thin amid lack of policy stimulus and worries over economy.
The Shanghai Composite Index dropped 0.35 percent to 2,878.56 points at close, surrendering initial gains of 1.03 percent in the morning session.
The Shanghai gauge is trading in line with its 100-day moving average, and the volatility in Chinese stocks fell to its lowest since January 2015, Bloomberg News data showed.
Shanghai Jinqiao Export Processing Zone Development Co surged 10 percent daily limit to 21.60 yuan (US$3.28) by noon after reports suggested that Jinqiao was going to become Tesla Motors Inc’s local production site. The Shanghai-based company suspended its trading in the afternoon session and denied any deal had been inked while Tesla refused to “comment on rumors and speculations.”
Commodity producer Aluminum Corp of China fell 2.56 percent to 3.80 yuan as most industrial metal prices slipped.
Analysts fear “Brexit” may add barriers to China’s access to the European market and add to the uncertainty of trade and investment with the bloc. “Chinese A share market could be affected by the global sentiment, but investors’ core emphasis is on domestic outlook and possible measures to support the market,” said Gao Ting, chief China strategist at UBS.
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