Shanghai shares end flat amid weak investor appetite
Shanghai stocks closed flat yesterday, after computer, telecommunication and electronics firms declined amid weak investor appetite.
The Shanghai Composite Index edged down 0.03 percent to close at 3,081.18 points.
Market sentiment weakened after UBS Securities expressed in a report yesterday that more downward pressure is expected to crimp the growth of corporate earnings of A-share companies in the next few quarters as the Swiss securities firm sees them to rise around 7 percent to 8 percent this year, a sharp drop from the 19 percent expansion in 2017.
Gao Ting, head of China Strategy at the firm, said the A-share market is slowing and may ease further as the economy loses more steam. He pointed to the property sector likely to face more restrictions and pressure going forward.
China National Software & Service Co Ltd lost 9.82 percent to 23.78 yuan (US$3.74), Anhui Sun Create Electronics Co Ltd fell 6.89 percent to 58.12 yuan and Aerospace Communications Holdings Group Co Ltd declined 4.47 percent to 11.55 yuan.