Weak blue chips hit index
Print Edition
SHANGHAI stocks fell yesterday on weak blue chips that were exacerbated by falling prices of coal shares.
The Shanghai Composite Index fell 0.23 percent to 2,240.21 points after rising to an eight-month high on Tuesday.
Media reported that electricity companies will continue seeking a cut in coal prices to compensate for the reduction in on-grid electricity prices, triggering a fall in the prices of coal shares.
Wintime Energy lost 2.02 percent to 5.34 yuan (87 US cents), while Yang Quan Coal Industry fell 1.71 percent to 6.88 yuan.
“The recovery of the economy has not been sustained. Investors are waiting to see the real effects of certain policies,” said Tebon Securities. “If the economy continues to be weak in the third quarter of the year, the central government will release more beneficial policies.”
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