Shanghai stocks slip amid weak market sentiment

Material, automobile and electronic components companies decline

Shanghai stocks slipped today amid weak market sentiment as investors continued to be concerned over tightened supervision, while material, automobile and electronic components companies declined.

The Shanghai Composite Index dipped 0.18 percent to close at 3,356.84 points.

Market sentiment was weak as Xu Yilin, deputy general manager of Shanghai Stock Exchange,  said today that "Shanghai Stock Exchange will continuously strengthen the supervision of listed companies and curb abnormal trading."

Xu added that "supervision will be the core work for the Shanghai Stock Exchange at present and in the coming future."

China's top insurance regulator also said yesterday that it will toughen supervision of the insurance companies to guard against financial risks.

The China Insurance Regulatory Commission said that it will conduct inspections to rectify market irregularities and urge insurers to correct problems.

Hubei Sanxia New Building Materials Co Ltd fell 8.9 percent to 10.49 yuan (US$1.61), Shanghai Tongji Science & Technology Industrial Co Ltd lost 4.92 percent to 14.69 yuan and Zhejiang Zomax Transmission Co Ltd declined 3.83 percent to 21.10 yuan.

The automobile sector reversed 0.79 percent as investors locked in profits.


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