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Stocks slip on correction following gains
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SHANGHAI stocks fell yesterday after two days of gains, as losses among blue chips outweighed the rallies of local state-owned enterprises.
The Shanghai Composite Index ended the day down 0.16 percent at 2,862.89 points on turnover of 231 billion yuan (US$35.5 billion).
Financial shares weighed on the index, with China Life Insurance Co falling 1.3 percent to 20.27 yuan and China Merchants Bank losing 0.9 percent to 14.90 yuan.
Market intelligence firm Ju Feng Info said that yesterday’s dip was a normal correction following the earlier gains.
China Shipping Container Lines gained 3.2 percent and China Shipping Development Co rose 1.2 percent following the official launch of China COSCO Shipping Corp, a merger of their parent companies.
Seven Shanghai-based state-owned enterprises, including INESA Electron Co and Double Coin Holdings Ltd, booked the daily maximum increase of 10 percent. Manufacturers were also among the gainers, with Shenji Group Kunming Machine Tool Co and Sany Heavy Industry Co closing up 10 percent.
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