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Shanghai shares drop amid tightening worries
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Shanghai stocks traded lower in the morning session after Premier Li Keqiang signaled that there will be no monetary loosening despite a slower economic growth.
The key Shanghai Composite Index shed 0.42 percent, or 8.95 points, to 2,140.69. Half-day turnover was 39.3 billion yuan (US$6.4 billion).
China’s deficit ratio has reached 2.1 percent and its M2, a broad measure of money supply, exceeded 100 trillion yuan as of March, meaning lots of liquidity in economy. Pumping more cash may lead to inflation, Li was quoted as saying in a report in The Workers Daily yesterday.
Li also said China should maintain economic growth rate at 7.2 percent to ensure 10 million jobs are being created per year and to keep the urban unemployment rate at around 4 percent.
China’s economy is set to expand at 7.5 percent this year, the slowest pace in 23 years.
Heavy manufacturers declined after the National Development and Reform Commission and the Ministry of Industry and Information Technology reiterated to cut overcapacity and promote industrial restructuring.
China Shenhua Energy Co Ltd lost 1 percent to 16.24 yuan. Shanxi Lanhua Sci-Tech Venture Co fell 1.1 percent to 11.90 yuan. Yang Quan Coal Industry (Group) Co slipped 1.3 percent to 8.14 yuan.
Huaxin Cement Co dropped 1.7 percent to 11.87 yuan. Gansu Qilianshan Cement Group Co declined 1.6 percent to 6.89 yuan.
Financial shares also fell. Shanghai Pudong Development Bank Co lost 1.5 percent to 10.15 yuan. Industrial Bank slumped 2.4 percent to 11.44 yuan.
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