Financial counters pull key index down
Print Edition
FINANCE-RELATED shares pulled the market down yesterday after money market rates rose despite China’s central bank halting cash withdrawal for the first time in four months.
The Shanghai Composite Index shed 0.11 percent to 2,036.51. For the week, the index gained 0.49 percent.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, rose 22.9 basis points to a three-month high of 3.78 percent yesterday, according to the National Interbank Funding Center.
The rate rose even though the People’s Bank of China on Thursday refrained from draining money from the banking system via regulatory open market operations, the first suspension since February.
China Minsheng Banking Corp lost 0.96 percent to 6.19 yuan (US$1). The Bank of China fell 1.2 percent to 2.54 yuan.
Insurers also shed after the China Insurance Regulatory Commission said on Thursday that insurance companies are forbidden to sell insurance policies linked to gambling after some insurers sold policies associated with betting on World Cup matches in Brazil.
Ping An Insurance (Group) Co of China fell 1 percent to 38.87 yuan. China Pacific Insurance lost 2.8 percent to 17.58 yuan. China Life Insurance shed 0.8 percent to 13.49 yuan.
Shares were hit by data showing slower annual growth of 8.9 percent in China’s industrial profits in May, compared with a 9.6 percent increase in April.
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