Index falls on weak M2 data
Print Edition
SHANGHAI stocks fell the most in nearly one month yesterday after data showed China’s money supply increased at a slower rate in March, while a bout of profit-taking took its toll on heavyweight companies.
The key Shanghai Composite Index lost 1.4 percent to close at 2,101.60 points.
“The market was dragged down by heavyweights such as financial companies and steelmakers that have surged in previous sessions as investors locked in profits ahead of the release of first-quarter economic data,” said Shenyin & Wanguo Securities.
China’s M2, a broad measure of money supply, increased 12.1 percent year on year in March, compared with 13.3 percent in February, the People’s Bank of China said yesterday.
Financial shares declined the most after the central bank withdrew 93 billion yuan (US$15 billion) from the banking system yesterday through 28-day repurchase agreements and another 79 billion yuan via 14-day contracts.
Shanghai Pudong Development Bank lost 2.7 percent to 9.85 yuan. The Industrial Bank fell 3 percent to 9.98 yuan. CITIC Securities slid 3.6 percent to 11.71 yuan. Sinolink Securities Co dropped 4 percent to 20.74 yuan.
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