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Liquidity, housing concerns weigh on Shanghai shares
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Shanghai stocks dipped in morning trading amid uncertainty over liquidity and housing policy, although data showed China’s manufacturing activity may reach a seven-month high in October.
The benchmark Shanghai Composite Index shed 0.24 percent to 2,177.90 points. Turnover was 51.9 billion yuan (US$8.5 billion) by the noon break.
Rising money costs dented market performance. The seven-day repurchase rate, a gauge of available funds in the money market, rose 68.80 basis points, to 4.68 percent in Shanghai by 11:30am as the People’s Bank of China has suspended liquidity injection for a third day today.
Property developers were weak after the Beijing government announced new regulations to rein in housing prices.
In a statement on its website, the Beijing Commission of Housing and Urban-Rural Development said it will speed up the construction of affordable apartments and supply land to build 20,000 homes by the end of the year.
Poly Real Estate Group Co, China’s second largest homebuilder, declined 0.83 percent to 9.51 yuan. Gemdale Corporation fell 0.51 percent to 5.81 yuan.
Meanwhile, China’s manufacturing activity is picking up this month with the HSBC Flash China Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, climbing to a seven-month high of 50.9, compared with the final figure of 50.2 in September, HSBC Holdings PLC announced today.
A reading of 50 or higher indicates that activity is expanding.
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