Worst monthly decline in 6 years
Print Edition
SHANGHAI stocks fell yesterday, sending the benchmark index to its biggest monthly decline in six years as investors continued to stay away.
The key Shanghai Composite Index lost 1.13 percent to end at 3,663.73 points. Daily turnover shrank further to 460.5 billion yuan (US$74.16 billion). Shanghai index lost 10 percent in the week and 14.3 percent for the month, the biggest monthly drop since August 2009, despite unprecedented government intervention.
Manufacturers dragged the market down. Avic Aviation Engine Corp dropped by the daily limit of 10 percent to 53.60 yuan. China Shipbuilding Industry Co Ltd lost 8.3 percent to 13.29 yuan.
“A strong wait-and-see mood still prevailed as can be seen by the shrinking turnover,” said Shan Ying, an analyst with Tongxin Securities. “The market is expected to continue bound-trading in the short term.”
Joanne Goh, equity strategist at DBS Group Research, said, “We believe correction is largely over but the market will need some time to stabilize as sentiments are badly hit.”
China’s top securities regulator said yesterday it was investigating the impact of programmed trading on market fluctuation in the latest bid to stem a market rout that has sent the Shanghai index down 30 percent since mid-June. Separately after the market closed, the regulator said it had opened investigations into 52 cases of illegally share sale by controlling shareholders or company executives.
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