TV shares sale affects market
( 2003-11-22 10:16) (eastday.com)
Stocks in Shanghai ended lower yesterday as investors sold off shares of TV
makers and operators that gained substantially after the government promised to
broadcast digital TV programs by 2015.
The Shanghai Composite Index, which tracks both yuan-denominated Class-A
shares and hard-currency Class-B shares, dropped 1.09 percent to 1361.55.
The A-share Index fell 1.09 percent to 1424.02.
"The TV manufacturers and operators dented sentiment on the broader market as
there were already substantial profits for investors in these stocks to lock
in," said Sun Chao, an analyst of Citic Securities Co Ltd.
Leading decliners included Sichuan Changhong Electric Co Ltd, one of the
country's major TV manufacturers, which lost 3.20 percent to 6.95 yuan (84 US
cents) and Shanghai Oriental Pearl Co Ltd, operator of the city's Oriental Pearl
TV Tower, which fell 4.74 percent to 12.47 yuan.
A day earlier, shares of the TV makers and operators surged, buoyed by a
government official's comment that China plans to replace the broadcast of
analogue TV programs with digital ones.
The B-share Index closed 0.85 percent lower at 110.47.
|
