Stocks end week down almost 3%
Print Edition
SHANGHAI stocks fell yesterday, dragging down the benchmark index for a fourth week, amid a negative investment sentiment resulting from a downturn in the economic outlook.
The Shanghai Composite Index shed 0.3 percent to 2,827.11 points. The index ended the week down 2.96 percent and lost almost 8 percent over the past four weeks.
Yesterday’s trading volume of 123.7 billion yuan (US$19 billion) was the lowest since January 7, the day the “circuit breaker” was triggered and the trading period was reduced to just 15 minutes.
CITIC Securities analyst Sun Xiwei said yesterday’s performance showed the market panic continued after a 2.8 percent slip on Monday, after the People’s Daily quoted an “authoritative figure” as dismissing the idea of a quick return to rapid economic growth. From Tuesday to Thursday, the benchmark index was largely unchanged about the 2,800-point mark.
“There have been almost no positive signals recently,” said Zhang Qi, an analyst at Haitong Securities.
The electric power sector fell yesterday, led by Chongqing Fuling Electric Power Industrial Co, which dived 9.4 percent on the day to 30.95 yuan.
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