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Shanghai shares down 0.54% as caution prevails
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Shanghai stocks fell today as investors waited on the sidelines ahead next week’s release of key economic data. The Shanghai Composite Index shed 0.54 percent, or 10.92 points, to 2,029.96. Turnover was 55.1 billion yuan (US$8.9 billion).
The index lost 0.45 percent this week, snapping a three-week winning streak.
“The market was dragged down by oil, coal and financial stocks as sluggish turnover gave rise to the wait-and-see mood,” said Dong Wangfei, analyst of Western Securities.
Due to mixed signs in recent economic data, investors are waiting for more clues in key indicators for trade, inflation, industrial output and retail sales, due out next week.
The market declined despite improved liquidity condition. The seven-day repurchase rate, a gauge of funding costs, fell 0.8 percentage points to 3.16 percent this week, the second week of decrease, data from the National Interbank Funding Center showed.
Guolian Securities said improved liquidity condition helped to boost market sentiment but there are still concerns that a spate of initial public offerings will divert funds from existing shares.
Oil stocks fell the most. PetroChina lost 0.4 percent to 7.47 yuan. Offshore Oil Engineering decreased 1.8 percent to 7.05 yuan. Shanghai Lonyer Fuels slipped 2.3 percent to 12.57 yuan.
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