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Shanghai index hurt by rising cash rates
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Shanghai stocks drifted lower as money costs climbed after the central bank suspended liquidity injection today.
The benchmark Shanghai Composite Index lost 0.48 percent to 2,129.40 points. Turnover was 70.2 billion yuan (US$11.5 billion) at the trading close.
The People’s Bank of China today halted its open market operation after pumping 8 billion yuan into the money market through seven-day reverse repurchase agreements on Tuesday. The suspension will lead to a net withdrawal of 5 billion yuan from the market this week.
The seven-day repurchase rate increased 2.5 basis points to 3.89 percent in Shanghai today while the overnight rate added 7 basis points to 3.73 percent.
Wang Yi, analyst with the Great Wall Securities, said the central bank is expected to maintain a steady and slightly tight monetary policy.
Brokerages declined after data showed the gross profit of 16 listed securities companies shrank 63 percent month-on-month to 970 million yuan in October. Haitong Securities lost 2.9 percent to 10.97 yuan after reporting a 64.5 percent slump in October profit while Soochow Securities Co dropped 0.8 percent to 7.38 yuan.
Food and beverage shares fell the most. Inner Mongolia Yili Industrial Group Co slumped 4.4 percent to 37.65 yuan. Bright Dairy & Food Co plunged 7.2 percent to 20.26 yuan.
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