Economic outlook and liquidity pull index down
By Ye Zhen |
June 18, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks declined yesterday amid concern about China's economic outlook and market liquidity.
The Shanghai Composite Index shed 5.83 points, or 0.27 percent, to end at 2,156.22.
"The stock market is expected to continue a weak run due to a fragile economic recovery as indicated by recent data and liquidity risks," Huatai Securities said in a report.
The barometer slumped 2.2 percent last week after data showed China's economic growth is losing momentum due to sluggish foreign trade, slowing industrial output and weak credit demand.
China said on Friday that outstanding funds for foreign exchange rose 66.9 billion yuan (US$10.9 billion) in May, but it was a 77 percent dive from April's 294.4 billion yuan rise, a sign of slower foreign inflows.
UBS Investment Research said the liquidity crunch will last until mid-July due to dividend payouts by banks, redemption of wealth management products in mid-year, and lenders having to meet the reserve requirement ratio.
Poly Real Estate, China's second-largest listed developer, shed 0.9 percent to close at 10.97 yuan.
The Shanghai Composite Index shed 5.83 points, or 0.27 percent, to end at 2,156.22.
"The stock market is expected to continue a weak run due to a fragile economic recovery as indicated by recent data and liquidity risks," Huatai Securities said in a report.
The barometer slumped 2.2 percent last week after data showed China's economic growth is losing momentum due to sluggish foreign trade, slowing industrial output and weak credit demand.
China said on Friday that outstanding funds for foreign exchange rose 66.9 billion yuan (US$10.9 billion) in May, but it was a 77 percent dive from April's 294.4 billion yuan rise, a sign of slower foreign inflows.
UBS Investment Research said the liquidity crunch will last until mid-July due to dividend payouts by banks, redemption of wealth management products in mid-year, and lenders having to meet the reserve requirement ratio.
Poly Real Estate, China's second-largest listed developer, shed 0.9 percent to close at 10.97 yuan.
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