Shanghai Daily news

Shares in Shanghai fell slightly yesterday as many investors took advantage of the rebound on Monday to pocket short-term profits and adjust their equity exposures.
The shanghai Composite Index, which covers both yuan-denominated A shares and hard-currency B shares, edged down 0.33 percent to 1,030.94.
The a-share Index slipped 0.34 percent to 1,082.06 while the B-share Index ended 0.51 percent higher to close at 65.11.
"The market needed a correction to digest the gain, as shares lost too much and saw new lows repeatedly in recent weeks," said Zhang Qi, an analyst with Haitong Securities Co Ltd.
Blue chips that performed strongly on Monday, including shares in port and transport related sectors, were dumped yesterday by institutional investors for profit-taking, he added.
"The recent continuous downside in the market shrunk the value of many large-cap stocks, which is heavily held by institutions," Zhang said. "The rebound gave them a chance to cash out of some holdings to net small money in case the shares dip again."
China shipping Development Co, the nation's biggest oil shipper, plunged 4.46 percent to 7.72 yuan (93 US cents). The stock jumped 7.2 percent on Monday.
The shanghai benchmark gauge rallied 2.05 percent on Monday, after the market lost about 8.5 percent since the government started a pilot program to dispose of non-tradable shares.