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Shanghai index down 0.13% on liquidity concern
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Shanghai stocks declined for a seventh straight day today after interbank funding costs surged to the highest since June.
The key Shanghai Composite Index dipped 0.13 percent, or 2.79 points, to 2,148.29. Turnover was only 55.4 billion yuan (US$9.1 billion) by the trading close.
“Tight liquidity situation is weighing on market performance,” Guosen Securities said in a note.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, surged 144.30 basis points to 5.9 percent today, according to data from the National Interbank Funding Center.
The rate was the highest since June when the worst liquidity crunch in years delivered a heavy blow to the stock market, sending the Shanghai Composite down nearly 14 percent that month.
Northeast Securities said blue-chip shares are depressed amid mounting concern that local government debt may be larger than expected as China’s auditing authority is set to release its findings in coming days.
In a statement released after the Central Economic Work Conference held in Beijing last week, the Chinese government pledged to focus on the issue of local government debt buildup, a potential time bomb for the world’s second-largest economy.
Media companies were big losers today. BesTV New Media Co Ltd dropped 1.9 percent to 37.71 yuan. Time Publishing & Media Co Ltd slumped 3.7 percent to 16.51 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd lost 3.4 percent to 9.72 yuan.
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