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Shanghai index down 1.25% on liquidity fear, sell-off of tech stocks
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SHANGHAI stocks fell the most in a week today as rising money rates triggered liquidity concerns while small-cap technology firms followed the fall of their peers in the Shenzhen market.
The benchmark Shanghai Composite Index declined 1.25 percent, or 27.55 points, to 2,183.11. Daily turnover was 125.8 billion yuan (US$20.6 billion).
The seven-day repurchase rate, a gauge of available funds in the money market, rose 43.40 basis points to 3.99 percent in Shanghai today, the biggest climb since July 29, according to data from the National Interbank Funding Center. The overnight repurchase rate surged 70 basis points, the most since June 20, to 3.78 percent.
The rising money rates added to liquidity jitters while the People’s Bank of China, the central bank, refrained from injecting cash through weekly auctions of reverse repurchase agreements.
Medical equipment makers and IT companies slumped on cue from the Shenzhen bourse with the ChiNext, a gauge of growth enterprises on China’s Nasdaq-style board, falling 2.9 percent to 1,311.23 points, paring a gain of more than 80 percent this year.
“Investors began to withdraw funds from growth shares amid doubts over their business performance,” said Northeast Securities.
Top Choice Medical Investment Co lost 3.4 percent to 33.88 yuan. China Resources Wandong Medical Equipment Co skid 3.1 percent to 11.79 yuan.
Dr Peng Telecom & Media Group Co shrank 5.3 percent to 18.32 yuan. Bright Oceans Inter-Telecom Corporation plunged by the daily limit of 10 percent to 10.07 yuan.
Most property developers declined after Dongguan Securities said soaring home prices have fueled speculations that the central government may tighten control of the real-estate market.
Data released by the National Bureau of Statistics yesterday showed that prices of new homes rose in 65 of the 70 cities monitored in September.
Shanghai Industrial Development Co, which engages in real estate development and management, lost 5.5 percent to 8.35 yuan. Gree Real Estate Co fell by the daily limit of 10 percent to 8.21 yuan.
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