Hong Kong investors pass on first day of Shanghai shares' short sales

The Monday launch of short sales for Shanghai-listed shares traded on the Hong Kong-Shanghai Stock Connect proved an anticlimax as no turnover for the new option was recorded, South China Morning Post reported. VC Brokerage director Louis Tse Ming-kwong said the fist-day fizzle was due to investor worries that the market might go up as a result of Saturday’s interest rate cut on the mainland. Tse said stocks in construction and infrastructure would benefit from the rate cut and would not be targeted by short sellers, though banking stocks might since their net interest margin would be affected.