Shanghai shares end lower today on financial and consumer sectors
Shanghai stocks ended lower today, led by the declines of financial and consumer sectors amid lingering concerns over tightened supervision.
The Shanghai Composite Index edged down 0.09 percent to close at 3,297.06 points. For the week, the gauge added 0.95 percent.
Financial shares, consumer companies and computer firms are among the biggest decliners today.
Financial shared retreated after China Banking Regulatory Commission said yesterday that it will further strengthen the supervision in the coming year to correct market irregularities.
The commission said that it will effectively fend off credit risks in the banking sector and appropriately address hidden local government debt risks, as Reuters reported.
The China Insurance Regulatory Commission also said on Thursday that it will tighten supervision over the insurance industry to guard against financial risks.
Market sentiment was weak as the People’s Bank of China today halted its regular reverse repurchase agreements and did not inject liquidity into the financial market, according to a statement on its official website.
Dongxing Securities Co Ltd fell 3.19 percent to 14.86 yuan (US$2.2), New China Life Insurance Co Ltd declined 1.49 percent to 67.51 yuan and China Minsheng Banking Co Ltd lost 1.28 percent to 8.47 yuan.