Shanghai shares slump to 3-month low
Shanghai stocks slumped yesterday to a 3-month low, led by electronics and communication counters.
The Shanghai Composite Index dropped 0.94 percent to end at 3,322.23 points.
Communication firms were among the biggest decliners, with six companies including ZhongTongGuoMai Communication Co Ltd, GuangDong Super Telecom Co Ltd and Wuhan Yangtze Communication Industry all crashing by the daily limit of 10 percent.
Fiberhome Telecommunication Tech Co Ltd suffered a sharp fall after the ban on its former restricted shares was lifted for trading yesterday. The decline also dragged down 5G-related shares with over 20 counters falling by more than 5 percent.
Large shareholders of BOE Technology Group Co Ltd cut their holdings in the company, which led to electronic component companies such as Will Semiconductor Co Ltd Shanghai and Shenzhen Huiding Technology Co Ltd dropping by the 10 percent daily limit.