Shares end flat amid weakened sentiment
Print Edition
SHANGHAI stocks closed flat yesterday, after computer, telecommunication and electronics firms declined amid weak investor sentiment.
The Shanghai Composite Index edged down 0.03 percent to close at 3,081.18 points.
Market sentiment weakened after UBS Securities expressed in a report yesterday that more downward pressure was expected to crimp the growth of corporate earnings of A-share companies in the next few quarters as the Swiss securities firm saw them to rise around 7 percent to 8 percent this year, a sharp drop from the 19 percent expansion in 2017.
Gao Ting, head of China Strategy at the firm, said the A-share market was slowing and may ease further as the economy lost more steam. He pointed to the property sector likely to face more restrictions and pressure going forward.
China National Software & Service Co Ltd lost 9.82 percent to 23.78 yuan (US$3.74), Anhui Sun Create Electronics Co Ltd fell 6.89 percent to 58.12 yuan and Aerospace Communications Holdings Group Co Ltd declined 4.47 percent to finish at 11.55 yuan.
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