Stocks end down as investors bank gains
Print Edition
SHANGHAI shares fell slightly yesterday on profit-taking after the benchmark index on Monday recorded its biggest daily gain this month.
The Shanghai Composite Index closed down 0.34 percent at 3,023.65 points.
Software and system integration company Shenzhen Kingdom Sci-tech Co was among the biggest losers, shedding 5.1 percent to 35.30 yuan (US$5.46).
The Shanghai Composite rose 1.64 percent on Monday, on signs of a rebound in industrial demand, due to higher producer prices.
As of yesterday, the benchmark index was up 13.9 percent since January 28 when it fell to 2,655.66 — the lowest close this year.
Market sentiment remains fragile, however, with Premier Li Keqiang repeating on Monday that China must push forward with its supply-side reforms to reduce overcapacity and counter the downward pressure on economic growth.
“The market is waiting for more macro-economic data and corporate earning reports later this month,” said Xun Yugen, chief strategist at Haitong Securities Co.
“Those indicators will be the key focus for investors in the near future,” he said.
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