Index declines ahead of NPC meeting
Print Edition
Shanghai stocks ended slightly lower yesterday, snapping a four-day winning streak, as lingering worries about the domestic economy and concerns over escalating geopolitical tensions weighed on the market.
The benchmark Shanghai Composite Index shed 0.18 percent, or 3.76 points, to close the day at 2,071.47 points.
“Economic weakness, as indicated by the poor manufacturing purchasing manager’s index released earlier, weighed on the market,” said Shenyin & Wanguo Securities. “The short-term market performance was also affected by escalating Russia-Ukraine tension that has hit overseas markets.”
However, the brokerage said the ongoing policy meeting in Beijing remains the focus of attention, likely helping sectors that may benefit from reforms and supportive policies.
Analysts said investors tend to take a cautious stance ahead of the opening of the annual meeting of the National People’s Congress today, where official economic targets are expected to be announced.
In a sign that the government is likely to maintain a neutral-to-tight monetary policy, the People’s Bank of China yesterday drained 35 billion yuan (US$5.7 billion) through 14-day repurchase agreements and another 50 billion yuan through 28-day contracts, according to a statement on the central bank’s website.
Cyclical shares dragged the market down on dismal economic prospects. GD Power Development Co lost 1.7 percent to 2.36 yuan. Beijing Jingneng Power Co fell 2.7 percent to 4.04 yuan.
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