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Shanghai index drops, led by distillery and oil stocks
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SHANGHAI stocks fell this morning, dragged by heavyweight distilleries and oil companies. The benchmark Shanghai Composite Index lost 0.63 percent, or 12.86 points, to 2028.02. Half-day turnover was 29.2 billion yuan (US$4.7 billion).
The market ended a four-day losing streak yesterday after the People’s Bank of China injected cash to the financial market for a fourth straight week.
Guolian Securities said improved liquidity condition helped to boost market sentiment but concerns over the resumption of initial public offerings remained.
“The market is likely to fluctuate in a narrow range in weak trading,” said the brokerage.
Oil companies slumped the most. Offshore Oil Engineering lost 2.4 percent to 7.01 yuan. Shanghai Lonyer Fuels fell 2.3 percent to 12.56 yuan.
Distilleries also declined. Kweichow Moutai dropped 1.1 percent to 153.01 yuan. Shanxi Xinghuacun Fen Wine Factory shed 1 percent to 13.55 yuan.
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