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Index dips after Shibor posts high 5.9% rate
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Shanghai stocks dipped for a seventh straight day yesterday after interbank funding costs rose to the highest since June.
The Shanghai Composite Index lost 0.13 percent to 2,148.29 points.
The market sentiment was affected by the tight liquidity situation, Guosen Securities said in a note.
The seven-day Shanghai Interbank Offered Rate, or Shibor, a gauge of funding costs, surged 144.3 basis points to 5.9 percent yesterday, according to the National Interbank Funding Center.
The rate was the highest since June when the worst liquidity crunch in years dealt a heavy blow to the stock market, sending the key index down nearly 14 percent that month.
Northeast Securities said mounting concerns that local government debt may be larger than expected took their toll on blue-chip shares. China’s audit body is set to release its findings in coming days.
In a statement released after the Central Economic Work Conference held in Beijing last week, the government pledged to work to resolve the buildup of local government debt.
BesTV New Media Co shed 1.9 percent to 37.71 yuan. Time Publishing and Media Co fell 3.7 percent to end at 16.51 yuan. Jiangsu Phoenix Publishing and Media Corp lost 3.4 percent to close at 9.72 yuan.
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