Stocks end down again as investors take in profit
Print Edition
SHANGHAI stocks extended their downward slide yesterday in another round of profit taking with financial shares leading the fall.
The Shanghai Composite Index went down 0.11 percent to 2,217.47 points.
“The rising prices of blue chips last week came to a halt this week. Shares in the finance and real estate sectors began to drop as limits were set to avoid risking too high prices,” Shenyin & Wanguo Securities said in a note.
Banking shares plunged with China Citic Bank losing 1.99 percent to 4.44 yuan, while the Industrial Bank was down 1.93 percent to 10.66 yuan.
But shares in companies dealing with the rare earth industry bucked the trend.
China’s Ministry of Industry and Information Technology approved two major rare earth producers to become conglomerates by the end of this year as it works to consolidate the rare resources.
Xiamen Tungsten Co rose 1.45 percent to close at 33.49 yuan, and Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co climbed 2.65 percent to end at 24.38 yuann.
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