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Shanghai index slips amid ongoing liquidity squeeze
By Ye Zhen |
June 27, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined for the seventh straight day amid the ongoing liquidity squeeze and concern over the economy despite data showing the regulator has granted new quotas for foreign investors to tap China's securities market.
The benchmark Shanghai Composite Index shed 1.48 points, or 0.08 percent, to 1,950.01. Daily turnover was 84.3 billion yuan (US$13.8 billion).
"The market will likely remain weak as investors are hesitant to commit given the liquidity crunch and economic weakness," said Western Securities.
Fitch Ratings yesterday lowered its forecast on China's 2013 economic growth to 7.5 percent, down from its previous projection of 8 percent, as surging borrowing costs in June may post risks to the economy.
China on Monday granted a total quota of 9.2 billion yuan to the Renminbi Qualified Foreign Institutional Investors, bringing the total investment under the program to 104.9 billion yuan, according to State Administration of Foreign Exchange data.
Small-cap firms led today's declines as Ernst & Young LLP said small-caps will dominate China's initial public offerings, which are expected to resume after July.
Logistics firms slumped. Yangtze River Investment Industry Co, which primarily offers marine and air transportation, slid 7.1 percent to 6.25 yuan. CMST Development Co, one of China's key warehousing enterprises, fell 4.5 percent to 6.32 yuan.
The benchmark Shanghai Composite Index shed 1.48 points, or 0.08 percent, to 1,950.01. Daily turnover was 84.3 billion yuan (US$13.8 billion).
"The market will likely remain weak as investors are hesitant to commit given the liquidity crunch and economic weakness," said Western Securities.
Fitch Ratings yesterday lowered its forecast on China's 2013 economic growth to 7.5 percent, down from its previous projection of 8 percent, as surging borrowing costs in June may post risks to the economy.
China on Monday granted a total quota of 9.2 billion yuan to the Renminbi Qualified Foreign Institutional Investors, bringing the total investment under the program to 104.9 billion yuan, according to State Administration of Foreign Exchange data.
Small-cap firms led today's declines as Ernst & Young LLP said small-caps will dominate China's initial public offerings, which are expected to resume after July.
Logistics firms slumped. Yangtze River Investment Industry Co, which primarily offers marine and air transportation, slid 7.1 percent to 6.25 yuan. CMST Development Co, one of China's key warehousing enterprises, fell 4.5 percent to 6.32 yuan.
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