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September 29, 2016

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Stocks end down ahead of long holiday

SHANGHAI stocks dropped on profit-taking yesterday with investors playing safe before the weeklong holiday.

The Shanghai Composite Index lost 0.34 percent to 2,987.86 points.

Real estate, among the big gainers on Tuesday, was among the sectors to take a hit yesterday. It dropped 0.52 percent, with Henan Oriental Silver Star Investment Co, a real estate investor, losing 3.76 percent to 29.41 yuan (US$4.41). Nanjing Chixia Development Co, a property developer, fell 3.15 percent to 5.53 yuan.

“Investors are withdrawing capital from the stock market,” said Zhang Qi, an analyst at Haitong Securities. “They hope to lower risks ahead of the long holiday. Besides, there is a lack of confidence as there are fewer funds in the market.”

The turnover yesterday bottomed for the past four months, with 116.4 billion yuan in total on the Shanghai stock market.

According to Zhang, investors were “inactive” as there was a “lack of capital inflow.”

The total trading fund in the mainland stock market was around 1.4 trillion yuan last week, far less than the end of last year when it was 1.88 trillion yuan. Last week, 42.5 billion yuan was pulled out from the stock market, the China Securities Investor Protection Funds reported.

Despite the mainland market being closed, it can still be affected by the global market, with stocks plunging once the A-share market reopens after the holiday, Zhang said.


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