Shanghai Daily news

Shanghai stocks fell by more than 1 percent yesterday, in what analysts say is a continued reaction by institutional investors to the recent rise in interest rates.
The shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, dropped 1.66 percent to 1,304.78.
The a-share Index slipped 1.66 percent to 1,369.64, while the B-share Index fell 1.39 percent to 81.57.
"Many funds are in a transition phase since the central bank raised the benchmark interest rates," said Dai Ming, a Fortune Securities Brokerage Co Ltd analyst.
He said institutional investors are reevaluating the value of the entire market and the shares they hold. "They are likely to sell some stocks that normally would be considered good earners."
Dai noted that Shenzhen-listed China International Marine Containers (Group) Co Ltd is a case in point. Institutional investors sold large numbers of shares they held in the container maker.
The company reported that its earnings per share hit 1.76 yuan (21 US cents) in the first nine months, ranking it first among all the companies listed on the Shenzhen and Shanghai markets.
But dai noted that the fourth quarter is the company's slow season, and many investors are poised for profit-taking.
"The general trend of the market depends on the judgment of institutional investors," Dai said.
He also pointed out that the central government has made several promises to protect the interest of investors but has issued no formal measures so far.