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Shanghai index ends below key threshold
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ENDING a six-day run of gains, China’s major stock indexes fell yesterday on weaker performance by real estate and resource firms as investors took profits.
The benchmark Shanghai Composite Index fell below the 3,300-point threshold, falling 1.13 points to 3,292.07 points.
Financial shares were under pressure amid liquidity concern and less-than-expected earnings from listed companies. Industrial and Commercial Bank of China lost 3.28 percent to 6.79 yuan (US$1.08)and Bank of China was down 1.82 percent. Citic Securities was down 2.14 percent and Industrial Securities slipped 1.15 percent.
Chipmakers bucked the downward trend, however, on news that new smartphone models equipped with next-generation communication chips will likely be unveiled at a major tech event next month. Shenzhen Fine Made Electronics Group Co surged 5.33 percent and Shanghai Fullhan Microelectronics Co jumped 6.54 percent.
Consumer electronics retreated on lower-than-expected earnings. Hangzhou Robam Appliances Co said net profit last year grew 20 percent from a year ago, less than earlier estimates. Its shares sank by the daily 10-percent limit to 45.19 yuan.
Cinda Securities wrote in a research note that investors have rather high expectations over listed companies’ earnings following an economic recovery and liquidity concern while new rules on asset management products also weighed in on investor sentiment yesterday.
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