Shares dip as investors take profit
SHANGHAI shares edged lower yesterday as investors took profit after a four-day rally.
The Shanghai Composite Index dipped 0.59 percent to 3,139.88 points after rising to a one-and-half-month high last Friday.
Electronics and information technology shares fell, with Shanghai Laimu Electronics Co plunging by the daily limit of 10 percent to 32.95 yuan (US$4.8), as did Gigadevice Semiconductor (Beijing) inc to 79.88 yuan.
“Investors have rushed to take profits after a short-term rebound,” Fan said.
Investor sentiment also dimmed after the government approved initial public offerings at the weekend, which “contradicted its previous proposal to limit” the approval pace, said Fan Bo, analyst at AVIC Securities.