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Shares end lower, asinvestors take profits from large-cap chips

SHANGHAI: China's shares closed down last week as investors cashed in large-cap chips that had outperformed a recent market rally.

The benchmark Shanghai Composite Index, grouping hard-currency B shares for foreigners and yuan-denominated A shares, fell 1.78 per cent last Friday to 1,581.5 points.

But the index is still 20 per cent up from a four-and-a-half-year low in mid-November, boosted by strong interest in the blue chips.

Index heavyweight Sinopec Corp, Asia's biggest refiner, was one of the day's most active counters, dropping 3.76 per cent to 5.37 yuan (64 US cents).

Its A shares, open to foreign investors, have gained 43 per cent since mid-November on a fresh bout of buying in blue-chips in the red-hot petrochemical and steel sectors.

"Profit-taking in large-caps pulled down the broad market, while the market needed to correct after recent steep gains," said analyst Zhang Qi at Haitong Securities.

Baoshan Iron and Steel Co Ltd, the world's fourth most valuable steel maker, fell 2.9 per cent to 7.50 yuan (90 US cents) after nearly doubling since the start of 2003.

Despite the widespread profit-taking, the market is likely to remain in an uptrend in the medium term, analysts said.

"The correction helps the market consolidate recent gains and generate momentum for more," said analyst Dong Bing of China Securities.

Sentiment remained strong, with investors ignoring the discovery of a new SARS (severe acute respiratory syndrome) case in the country, brokers said.

China Business Weekly news

(Business Weekly 01/13/2004 page7)