Index falls to lowest in over 3 months
By Ye Zhen |
April 3, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks fell to the lowest level in over three months yesterday as investors remained cautious about the growth prospects of China's economy while the Chinese central bank drained cash from the domestic money market for the seventh straight week.
The Shanghai Composite Index lost 0.3 percent to 2,227.74 points, the lowest close since December 27.
"Doubts over China's economic outlook arose after the expansion of manufacturing activity in March missed market expectations and investors are taking a cautious stance as the three-day Qingming Festival nears," Guosen Securities said yesterday.
Meanwhile the People's Bank of China yesterday withdrew 30 billion yuan (US$4.8 billion) from the financial system via 28-day repurchase agreements.
It was the seventh consecutive week the PBOC has removed money via open market operations and brought the total amount of net withdrawal to 1.09 trillion yuan since the central bank restarted repo operations on February 19, data from cnstock.com under the Shanghai Securities News showed.
Health-care stocks fell after the sector gained 3.2 percent in March and 22.5 percent since the beginning of this year, Shenyin & Wanguo Securities said.
Shinva Medical Instrument Co fell 5.3 percent to 35.75 yuan. China Resources Wandong Medical Equipment Co shed 3 percent to 11.08 yuan.
The Shanghai Composite Index lost 0.3 percent to 2,227.74 points, the lowest close since December 27.
"Doubts over China's economic outlook arose after the expansion of manufacturing activity in March missed market expectations and investors are taking a cautious stance as the three-day Qingming Festival nears," Guosen Securities said yesterday.
Meanwhile the People's Bank of China yesterday withdrew 30 billion yuan (US$4.8 billion) from the financial system via 28-day repurchase agreements.
It was the seventh consecutive week the PBOC has removed money via open market operations and brought the total amount of net withdrawal to 1.09 trillion yuan since the central bank restarted repo operations on February 19, data from cnstock.com under the Shanghai Securities News showed.
Health-care stocks fell after the sector gained 3.2 percent in March and 22.5 percent since the beginning of this year, Shenyin & Wanguo Securities said.
Shinva Medical Instrument Co fell 5.3 percent to 35.75 yuan. China Resources Wandong Medical Equipment Co shed 3 percent to 11.08 yuan.
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