Shares fall on ‘fragile’ sentiment
Print Edition
SHANGHAI stocks fell to a nearly 10-month low yesterday as consumer firms declined amid profit-taking while investor sentiment remained “fragile” amid uncertainties over US-China trade, analysts said.
The Shanghai Composite Index lost 1.4 percent to 3,122.29 points, its lowest since June 6 last year.
Consumer firms led the loss, with SDIC Zhonglu Fruit Juice Co tumbling by the daily limit of 10 percent to 12.93 yuan (US$2.06) and liquor maker Anhui Kouzi Distillery Co dropping 5.32 percent to 41.30 yuan.
Shen Meng, director of domestic investment bank Chanson & Co, said investor sentiment remained “fragile” amid concerns caused by trade fractions between US and China, especially after the US stock market fell on Tuesday, “which made investors worry about the economic outlook.”
But computer and communication equipment makers rose again, with Shenzhen Gongjin Electronics Co surging by the daily 10 percent cap to 7.88 yuan, while Beijing Tricolor Technology Co rose 3.78 percent to close at 54.09 yuan.
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