Equities snap winning run as miners sink
China Daily | Updated: 2009-10-22 08:51
Chinese stocks fell for the first time in three days as a decline by commodity producers and automakers on concern recent gains were excessive overshadowed advances by brokerages.
The Shanghai Composite Index lost 13.87, or 0.5 percent, to close at 3,070.59 after swinging between gains and losses at least 10 times. The benchmark measure has rallied 10 percent since China's markets reopened Oct 9 following an eight-day national holiday. The CSI 300 Index fell 0.3 percent to 3,369.28.
"The market should consolidate at these levels after rebounding after the break," Michelle Qi, Shanghai-based portfolio manager at Bank of Communications Schroders Fund Management Co, which oversees about $6.5 billion.
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