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Shanghai index down 1.1%, dragged by cyclical shares
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Shanghai stocks slumped this morning in light trading as cyclical shares of coal, cement and metal producers dragged the market down amid concerns the recent liquidity squeeze will hurt the economy.
The benchmark Shanghai Composite Index fell 1.1 percent, or 23.82 points, to 2,082.53. Half-day turnover was 33.8 billion yuan (US$5.5 billion).
“China’s economic growth is expected to moderate due to tight liquidity and weak investment,” Sealand Securities said in a report.
The People’s Bank of China refrained from liquidity injection today, disappointing investors who expected the central bank to do more to ease the cash shortage.
Cyclical shares, the performances of which are closely related to the economy, declined the most. Shanxi Lanhua Sci-Tech Venture Co Ltd lost 3.2 percent to 10.86 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd fell 3.6 percent to 10.36 yuan.
Gansu Qilianshan Cement Group Co Ltd declined 3.2 percent to 6.60 yuan. Anhui Conch Cement Co Ltd slid 1.4 percent to 16.95 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd dropped 2.1 percent to 21.66 yuan. Rising Nonferrous Metals Share Co Ltd fell 4.8 percent to 37.96 yuan.
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