Investors sell shares prior to holiday
29/9/2005 9:13
Fu Chenghao/Shanghai Daily news
Investors sold off
shares yesterday prior to the weeklong National Day holiday, pulling Shanghai
stocks down, dealers said. Still, the decline was modest as improved
state-share sale plans from several companies boosted confidence. The
Shanghai Composite Index, which covers yuan-denominated A shares and
foreign-currency B shares, lost 0.13 percent to 1,131.77, the lowest close since
August 5. The A-share Index eased 0.13 percent to 1,188.96 while the B-share
Index dipped 0.06 percent to 66.25. "Interest was tailing off and investors
were taking the last of the profits available on the recent runup before the
holiday," said Lin Xuenong, a Huaxia Securities Co analyst. Lin believes the
market will remain at its current level to close out the week. Several
retailers, which gained in recent sessions in hope of solid sales during the
holiday, dropped on profit taking. Nanning Department Store Co fell 1.89
percent to close at 3.63 yuan (45 US cents) while Shanghai Yuyuan Tourist Mart
Co finished at 5.34 yuan, down 0.37 percent. Elsewhere, a Securities Daily
report said 11 firms decided to offer more compensation to tradable
shareholders, which helped bring back some sentiment, analysts said. China
United Communications Corp rose 0.40 percent to 2.52 yuan.
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