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Stocks take slight dip early in readjustment after rally
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SHANGHAI shares inched down in the morning as the market readjusted following a rally of free trade zone-related stocks and agricultural shares spurred by the latest encouraging economic data and reform expectations.
The benchmark Shanghai Composite Index fell 0.03 percent to 2,122.42 points, with a turnover of 68.4 billion yuan (US$11.17 billion) by midday.
“The markets will see an overall cautiousness in September, waiting for more positive signals like whether the economy will improve,” said Bo Ziheng, an analyst with Wanlian Securities.
“Both economic data and listed companies’ profit performance in the first half have confirmed the stabilization in the world’s second-largest economy,” said Bo.
Free trade zone-related shares still performed well in accord with the upbeat trends.
Shanghai Waigaoqiao Free Trade Zone Development Co filed a report at the Shanghai exchange saying that the stock’s closing price increased more than 20 percent over three consecutive trading days since August 30.
Nevertheless the stock still soared by the 10 percent daily limit to 19.77 yuan in the morning.
The company said there was no information that should have been disclosed that was not released to the public.
“The approval of a free trade zone in Shanghai will greatly push the new round of development, but in the short term it’s still hard to evaluate its effect on the company’s performance,” said the report.
Shanghai International Port Co. rose 7.3 percent to 4.85 yuan.
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