Wary investors send shares tumbling
Print Edition
SHANGHAI stocks yesterday tumbled the most in almost two months, as investors continued to be wary over recovery prospects in the world’s second-largest economy.
The Shanghai Composite Index shrank 2.31 percent to 2,972.58 points, which marked the biggest loss since February 29 when the gauge fell 2.86 percent.
Zhang Qi, strategist at Haitong Securities, said the recently released macro-economic data were not as positive as expected, hitting investor sentiment.
The Consumer Price Index, a main gauge of inflation, grew 2.3 percent year on year — the highest since July 2014.
In an online survey by news portal Sina.com, more than 1,100 people, or 43.1 percent of respondents, believed that investors’ profit-taking was the main cause of yesterday’s slump.
Data by the China Securities Investors Protection Fund Co revealed on Tuesday that there was a net outflow of 6.5 billion yuan (US$1 billion) in the securities market last week.
Internet service provider Linewell Software Co lost almost 10 percent to 58.55 yuan, while Wuhan Yangtze Communication Industry Group Co shed 8.96 percent to 19.61 yuan.
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