Stocks fall on worries over weak growth
Print Edition
SHANGHAI stocks fell yesterday after rising for five consecutive trading days after weak industrial data increased worries about slowing economic growth.
The Shanghai Composite Index dropped 0.89 percent to 3,352.96 points.
China’s large industrial companies saw profits rise 3.3 percent last year from 2013, with profits shrinking 8 percent in December — the worst performance in two years.
Cinda Securities said investors had been expecting positive news to consolidate their confidence in the market as shares had been rising, however, the figures prompted some to take profits.
UBS Securities said profit-taking was also the result of worries over a weaker Chinese currency, temporarily pushing capital out of the financial sector in the stock market. It said overseas investors were also affected by the weak Chinese economy.
Avic Capital dropped 4.8 percent to 22.41 yuan (US$3.59), the Bank of Communications lost 3.4 percent to 6.53 yuan, the Bank of China fell 3.14 percent to 4.63 yuan, while the Industrial and Commercial Bank of China shed 3.04 percent to 4.78 yuan.
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