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Financial stocks drag Shanghai index down 0.11%
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SHANGHAI stocks dropped today, led by financial firms, after money market rates hiked even though the central bank suspended cash withdrawal for the first time in four months.
The key Shanghai Composite Index shed 0.11 percent, or 2.17 points, to 2,036.51. Turnover was 76.7 billion yuan (US$12.4 billion) for the day. The index gained 0.51 percent this week.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, rose 22.90 basis points to a three-month high of 3.78 percent today, according to the National Interbank Funding Center.
The rate increased even though the People’s Bank of China yesterday refrained from draining money from the banking system via regulatory open market operations, the first suspension since February.
Lenders declined. China Minsheng Banking lost 0.96 percent to 6.19 yuan. Bank of China decreased 1.2 percent to 2.54 yuan.
Insurers also fell after the China Insurance Regulatory Commission issued a notice yesterday that insurance companies are forbidden to sell insurance policies linked to gambling. The watchdog made the decision at a time when some insurers introduced products for World Cup betters.
Ping An Insurance (Group) Company of China slid 1 percent to 38.87 yuan. China Pacific Insurance dropped 2.8 percent to 17.58 yuan. China Life Insurance shed 0.8 percent to 13.49 yuan.
Slower growth in industrial profit also weighed on the market. Data from the National Bureau of Statistics showed that China's industrial profit increased 8.9 percent year-on-year in May, down from 9.6 percent in April.
The three new listings on the Shenzhen market – Feitian Technologies, Wuxi Xuelang Environmental Technology and Shandong Longda Meat Foodstuff – all surged by the daily limit of 10 percent after jumping by the first-day trading limit of 44 percent yesterday.
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