SHANGHAI stocks closed flat today, posting a weekly loss of 2.25 percent as investors turned cautious due to tighter regulatory scrutiny and profit-taking in Xiongan related shares.
The Shanghai Composite Index edged up 0.03 percent to 3,173.15 points.
The Chinese Insurance Regulatory Commission called on insurance companies to strengthen supervision of operations and investment activities to correct market disorder yesterday.
“The downward trend remains intact as regulators will likely maintain their strict stance over financial scrutiny," said Wu Kan, a Shanghai-based fund manager at Shanshan Finance Co. "The market can hardly avoid the impact from government policies.”
Energy and materials shares led weekly declines. Shares linked to Xiongan New Area are among the poorest performers today.
The weak market sentiment is attributed to profit-taking in Xiongan related stocks, and investors worry about growth peaking and deceleration of corporate profits, said Gao Ting, strategist of UBS.
Xiongan related stocks, including construction materials maker BBMG, developer China Fortune Land and Tianwei Baobian Electric, tumbled.
BBMG Corporation fell 6.19 percent to 6.97 yuan (US$1.01), China Fortune Land Development Co lost 5.8 percent to 34.93 yuan, and Tianwei Baobian Electric Co lost 10 percent to 9.14 yuan.
DAIRY raw material provider Fonterra is looking to boost its consumer business in by focusing more on the higher margin branded consumer dairy products.
Christina Zhu, president of Fonterra China, said
BUYING momentum among home seekers remained slack in Shanghai for another week despite insignificant recovery as tightening measures to cool overheated market continued to bite.
The area of new residential
SHANGHAI stocks fell today by the sharpest rate so far this year, as market sentiment were dampened after regulator tightened control on aggressive investment and capital management.
The Shanghai Composite
Emmanuel Macron and Marine Le Pen won the first round of election. Is it a good time to short EUR/USD expecting the gap to close?
The post EUR/USD opens higher with more than 180 pips gap! appeared first on FinanceFeeds.