Shanghai stocks end lower for 6th week
Print Edition
SHANGHAI shares ended lower for a sixth straight week yesterday as investors showed little appetite for trading amid weak industrial data and a lack of policy support.
The Shanghai Composite Index closed down 0.05 percent at 2,821.05 points, taking the weekly loss to 0.16 percent and the six-week decline to 8.4 percent.
The downward trend is the longest since a nine-week dip was reported on January 6, 2012. A six-week decline followed later the same year.
Industrial companies and drugmakers were among the worst performers in the week, which was in line with data released yesterday showing that the profit growth rate of industrial firms slowed to 4.2 percent in April.
Airlines also performed badly, with China Southern Airlines Co down 6.2 percent at 6.69 yuan (US$1.02) and Air China down 5.8 percent at 6.95 yuan.
“Investors are waiting for clarity on issues such as the expansion of Shanghai-Hong Kong Stock Connect and the timing of US interest rate hikes,” said Guo Yiming, an analyst with Jufeng Investment Information Co.
Earlier this week, the CSRC said increased supervision of commodities trading, which had been running hot about a month ago, has had a “notable effect” on volatility and trading volumes.
This week’s trading volume was the lowest since October, with just 56 billion A-share transactions.
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