Shanghai Shares Take Hit
BEIJING -- Mainland China's flagship Shanghai bourse, which has seen outsized gains in 2006, took a drubbing Wednesday. The Shanghai Composite Index cratered 5.3% to 1590.
One mainland analyst blamed the Shanghai Comp's fall on profit-taking, given the index had shot up 45% year to date. Investors may also be preparing to reallocate funds into Bank of China, which is gearing up for an IPO in Shanghai following its blowout Hong Kong debut.
In Hong Kong, the Hang Seng Index also fell, closing down 1% to 15,817.
China shares were mostly down in Tuesday New York trading.
(BIDY) once again proved an exception, rising 7.9% to $89.85 -- possibly gaining on yesterday's news of rival
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