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Shanghai shares down 0.8% on weak money supply data
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SHANGHAI stocks slumped this morning after data showed China’s money supply increased at a slower rate in March.
The key Shanghai Composite Index lost 0.8 percent, or 16.98 points, to 2,114.56. Turnover was 50.3 billion yuan by the noon break.
China’s M2, a broad measure of money supply, increased 12.1 percent year on year to 116.07 trillion yuan in March, compared with 13.3 percent in February, the People's Bank of China said this morning.
The central bank also withdrew 93 billion yuan from the banking system today through 28-day repurchase agreements and another 79 billion yuan via 14-day contracts.
Financial shares declined. Shanghai Pudong Development Bank Co Ltd lost 2.1 percent to 9.91 yuan. Industrial Bank Co Ltd fell 2.2 percent to 10.06 yuan. Hua Xia Bank Co Ltd decreased 2.3 percent to 8.55 yuan.
CITIC Securities slid 2.1 percent to 11.89 yuan. Sinolink Securities Co Ltd dropped 3.7 percent to 20.81 yuan.
Most property developers retreated. Poly Real Estate, China’s second-largest homebuilder, fell 3.2 percent to 7.81 yuan. Hua Xia Bank Co Ltd lost 2 percent to 29.57 yuan.
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