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Shanghai Composite down 0.66% in morning trading
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Shanghai shares declined in the morning session as media companies and information technology firms led the market down.
The key Shanghai Composite Index fell 0.66 percent, or 14.73 points, to 2,214.51. Half-day turnover was 81.4 billion yuan (US$13.8 billion).
BesTV New Media Co, which has a joint venture with Microsoft in the Shanghai Free Trade Zone, fell 8.9 percent to 40.16 yuan after surging 6.4 percent yesterday. Shanghai Xinhua Media Co slumped 5.4 percent to 10.52 yuan after surging more than 50 percent in three weeks following news about an imminent merger between its shareholder Jiefang Daily Group and Wenhui-Xinmin United Press Group.
IT companies also lost. Shandong Inspur Software Co shed 7.5 percent to 16.55 yuan. Shenzhen Kingdom Technology Co decreased 7.1 percent to 17 yuan.
Data from the People’s Bank of China, the central bank, showed that China's yuan funds outstanding for foreign exchange rose for a second month in September, 126.4 billion yuan more than in August, a sign of increasing capital inflow into the world’s second-largest economy.
Concern grew that China may tighten monetary policy amid rapid credit growth, rising inflationary pressure and increasing capital inflow.
The central bank last week suspended its regular reverse repurchase operations and stopped liquidity injection for the first time since July. The suspension resulted in a net liquidity withdrawal of 44.5 billion yuan from the money market last week, the biggest since March.
“We believe monetary policy is likely to be tightened in the fourth quarter as growth is on track to achieving the 7.5 percent target and inflation exceeded the 3.1 percent estimate for September,” Zhang Zhiwei, chief China economist with Nomura Holdings Inc, said in a note.
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