Chinese shares continue dismal performance
Print Edition
CHINA shares continued their dismal performance yesterday as investors have not yet fully recovered their confidence.
The key Shanghai Composite Index dipped 0.93 percent, or 26.28 points, to close at 2,786.90 after briefly recovering in the morning trading session following strong gains in the non-banking financial sector.
The Shenzhen Component Index lost 1.06 percent to end at 9,071.73 points, while the Nasdaq-style ChiNext enterprise board reversed the morning’s gains to finish the day lower at 1,543.66.
Nanjing Cenbest, one of the top 10 department stores in China, fell by the daily maximum cap of 10 percent to 18.27 yuan (US$2.76), hitting a 12-month low.
Caixin.com quoted Gu Yongtao, a strategist at Xinda Securities, as saying the Shanghai Composite showed signs of recovery, helped by gains of communications, electronics and non-banking financial shares.
“The market is in the process of searching for the bottom,” said Lu Jie, head of research China at asset manager Robeco, expecting the market to stabilize in the second half.
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