China stocks step back

Dhaka,  Monday,   2016-09-23
Published : 23 Sep 2016, 11:19:54

China stocks step back

China stocks step back
China stocks stepped back on Friday, failing to build on robust gains the previous day as many investors sat on their hands ahead of the long National Day holiday that begins Oct 1.

China's blue-chip CSI300 index fell 0.3 per cent, to 3,282.84 points by lunch break, while the Shanghai Composite Index lost 0.1 per cent, to 3,039.62 points.

China's stock market will be suspended on Oct 1 and resume trading on Oct 10 for the National holidays, according to an exchange notice.

Market sentiment was checked by a sharp pull-back in property shares following the previous session's surge, as investors took profit on doubts the upward trend will last.

Sector bellwether Vanke slumped 4.5 per cent, giving back much of Thursday's gains.

But infrastructure stocks were firm amid signs that Beijing is stepping up approval of infrastructure projects to aid a struggling economy.

China's Ministry of Finance is expected to give green light to a third batch of public-private partnership (PPP) projects worth about 2.2 trillion yuan ($329.84 billion) in total investment, according to a news agency.

-SRS-
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