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The Shanghai stock market moved back into negative territory yesterday as investors trimmed holdings to reap quick profit, with large-cap stocks taking a hammering.
Investors, on the other hand, continued to pursue selected drug firms on anticipations that the escalating epidemic of severe acute respiratory syndrome, or SARS, in Hong Kong and the Chinese mainland, would further boost consumption of medicines.
The Shanghai Composite Index, tracking both yuan-denominated A and hard-currency B shares, staged a moderate decline of 0.63 percent to 1,511.72.
"Investors have a diversified outlook on the market. While some viewed the market as still being in an upward spiral, some slashed their holdings due to dreary forecast," said Sun Chao, an analyst with Citic Securities.
Zhengzhou Coal Industry and Electric Power Co Ltd, a market star earlier this weak, shed 3.46 percent to close at 7.24 yuan (87 US cents).
Weak performances by several listed banks, following reports that the China Merchants Bank will start trading its billions of A shares, which are currently held by strategic investors, pushed the overall market indicators downward.
(eastday.com April 4, 2003)
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