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Chinese shares drop 0.33% Tuesday
+ -
17:51, September 29, 2009

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Chinese equities continued the downward trend for the third consecutive trading day and lost 0.33percent in light trade Tuesday, amid investors' wait-and-see attitude.

The Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,754.54 points Tuesday, down 8.99 points, or 0.33 percent, from the previous close.

The Shenzhen Component Index on the Shenzhen Stock Exchange closed at 11,069.28 points Tuesday, down 17.43 points, or 0.16 percent, from the previous close.

Combined turnover shrank for the six consecutive trading day to117. 5 billion yuan (17.2 billion U.S. dollars) from 118.5 billion yuan of the previous trading day.

The market has ended its liquidity-driven rise momentum and the future trend largely depends on the economic recovery situation, according to Bosera Funds, a leading domestic fund management company based in Shenzhen.

Analysts said that the current A-share stock price is no longer cheap and further rise should be based on companies' increasing profitability.

Experts also attributed the recent market drop to the subscription of first batch of ten IPOs on the upcoming growth enterprises market (GEM), which is expected to freeze billions of yuan.

Ten Chinese companies would finish their initial public offering (IPO) procedures and are expected to start trading on Shenzhen Stock Exchange after the National Day holiday running from Oct. 1 to 8.

Source:Xinhua



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