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Investors take to sidelines

SHANGHAI stocks edged down yesterday as many investors took to the sidelines, awaiting third-quarter economic data and counting down to the upcoming National Day and Mid-Autumn Festival holidays.

The Shanghai Composite Index lost 0.17 percent to 3,339.64 points.

“Investors maintained a cautious stance and took a wait-and-see attitude ahead of the holiday,” Beixin Ruifeng Fund Management Co said in a note.

Wang Jun, analyst at Huang Chuang Securities, echoed by saying: “The stock market is unlikely to rise before the holiday.”

The market will be closed for the whole of next week.

Wang said the market situation will improve after the holiday as economic data are due to be released and on a recovery in short-term liquidity.

Huayuan Property Co lost 4.46 percent to 4.28 yuan (64 US cents), Beijing Dalong Weiye Real Estate Development Co fell 3.98 percent to 4.83 yuan, and Wolong Real Estate Group shed 3.26 percent to 6.52 yuan.

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