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Stocks end lower on petroleum, bank losses
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Shanghai’s main stock index ended lower today as losses in heavily weighted petroleum and bank shares offset gains in companies related to a potential new free trade zone.
The Shanghai Composite Index fell 0.14 percent to 2,183.07 after swinging between gains and losses several times. Turnover was 11 percent lower than the 30-day average.
The shrinking trading volume showed investors remained cautious, analysts said.
“We have seen the index fluctuate near the 2,200 level for about a week,” Shenyin & Wanguo Securities analysts wrote in a note. “The market needs some real catalysts to climb higher.”
Sinopec Corp, Asia’s largest refiner, led declines for oil companies. Sinopec tumbled 2.68 percent to 4.72 yuan after the government said seven of its employees were detained by police for their role in last Friday’s deadly explosions at one of its pipelines in Qingdao, Shandong Province. The explosions killed at least 55.
Banks were also lower with Industrial & Commercial Bank of China down 0.5 percent and China Construction Bank Corp falling 0.9 percent.
Companies based in the eastern city of Ningbo rose for a second day after the Shanghai Securities News reported on Monday that China has approved a free trade zone in the nearby port of Zhoushan.
Both Ningbo Marine Co and Ningbo Fuda Co both surged by their maximum allowable 10 percent.
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