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Stocks sink, snap 6-day winning streak
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SHANGHAI shares sank today, snapping a winning streak of six straight days, as small caps tumbled in a market correction while investors braced themselves for China’s trade data due tomorrow.
The benchmark Shanghai Composite Index lost 13.72 points, or 0.67 percent, to 2,046.78. Daily turnover was 91.3 billion yuan (US$15 billion).
Media companies and IT firms dragged the market lower following in the footsteps of their peers on China’s Nasdaq-style bourse in Shenzhen, with the ChiNext Index slumping 3 percent to 1,175.70 points.
“The market was in a vacillating correction as risks were in store for growth shares that were approaching their record highs,” said Guosen Securities.
Shanghai Xinhua Media Co shed 4.5 percent to 5.54 yuan. Zhe Jiang Daily Media Group Co retreated 4 percent to 29.99 yuan following a 7.1-percent surge yesterday.
Chengdu Dr. Peng Telecom & Media Group Co dropped 4.5 percent to 16.40 yaun. Beijing Teamsun Technology Co fell 4.4 percent to 6.94 yuan.
Investors adopted a cautious stance ahead of trade data tomorrow, which will offer hints on the condition of the world's second-largest economy.
“Growth of trade in China is likely to moderate further in the second half of the year due to unfavorable external environment and lagged effects of yuan appreciation,” the State Information Center, a government think-tank, said in a report published on China Securities Journal today.
The advance of property developers narrowed the market fall after a group of homebuilders announced refinancing plans following Xinhu Zhongbao Co, which released a private placement plan last week, marking the first refinancing attempt by a real estate company in three years and fueling expectation that the regulator may soon relax its controls on refinancing by homebuilders.
Sundy Land Investment Co surged 7.6 percent to 5.68 yuan after the company said it was planning to raise as much as 1.5 billion yuan for two real-estate projects via private offerings.
Citychamp Dartong Co gained 0.5 percent to 8.79 yuan after announcing a 1.8-billion-yuan convertible-bond financing plan.
All the refinancing plans are pending regulatory approvals.
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