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Investors worry about liquidity crunch
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Shanghai stocks fell yesterday as coal and cement shares sent the market down amid concerns that the recent liquidity squeeze will hurt the Chinese economy.
The Shanghai Composite Index fell 1.58 percent, or 33.25 points, to 2,073.1.
“Rising money rates have become a major risk for economic growth,” Jiang Chao, analyst at Haitong Securities, said in a note yesterday.
The broker expects China’s industrial output to grow 9.8 percent year on year in December, slowing from a 10 percent increase in November. The growth of fixed-asset investment is estimated to shed to 19.6 percent this year, down from the 19.9-percent gain in the first 11 months, according to Haitong.
The People’s Bank of China yesterday refrained from injecting liquidity, disappointing investors who expected it to do more to ease the cash shortage after pumping in funds on Tuesday.
“The central bank is signaling a tight monetary stance as the government aims to cut overcapacity and de-leverage the economy,” said Sealand Securities.
Anhui Conch Cement Co, the biggest Chinese cement producer, declined 1.5 percent to 16.93 yuan (US$2.79). Gansu Qilianshan Cement Group Co dropped 3.7 percent to 6.57 yuan.
China Shenhua Energy Co, the nation’s biggest coal producer, declined 1.6 percent to close at 15.57 yuan.
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