Stocks slip as profit taking hits blue chips
Print Edition
SHANGHAI stocks edged down yesterday, mostly as a result of profit taking on blue chips after several days of gains.
The Shanghai Composite Index fell 0.15 percent to 2,219.95 points. The dip came after the index on Monday rose to an eight-month high.
“Blue chips have been very strong in recent days, so there was always likely to be some profit taking,” said He Qunrong, an analyst at Everbright Securities.
“However, blue chips are still strong and the upward momentum will continue as the economy benefits from the government’s prudent fiscal and monetary policies, and the reform of monopoly industries,” he said.
Among the biggest blue-chip losers yesterday were China Life Insurance, which fell 1.22 percent to 15.37 yuan (US$2.49), and Ping An Insurance, which lost 1.37 percent to 44.48 yuan.
Haitong Securities said the new round of reforms of state-owned enterprises that began in July “signifies more opportunities for smaller or private enterprises. The oil and gas industries are the key areas where monopoly is to be broken down, and related industrial shares will be good options.”
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