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Shanghai shares drop as central bank drains liquidity
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SHANGHAI stocks retreated from a two-month high today after the central bank drained cash from the money market by selling repurchase agreements for the first time in eight months.
The key Shanghai Composite Index lost 0.77 percent, or 16.35 points, to 2,119.07. Turnover over was 129.8 billion yuan (US$21.3 billion) by the trading close.
“The market is facing technical resistance at the current level while liquidity withdrawal by the central bank also depressed market sentiment,” said Shenyin & Wanguo Securities in a note.
The People’s Bank of China today withdrew 48 billion yuan from the banking system by selling 14-day repurchase contracts at a yield of 3.8 percent, according to a statement on its website. It was the central bank’s first fund withdrawal via repos since June.
Financial shares slumped. Shanghai Pudong Development Bank Co Ltd sank 2.7 percent to 9.26 yuan. Industrial Bank Co Ltd lost 3 percent to 9.49 yuan. China CITIC Bank Corp slid 2.5 percent to 4.69 yuan.
Distilleries also retreated after recent gains. Kweichow Moutai Co Ltd fell 2 percent to 147.01 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd shed 2.9 percent to 17.37 yuan.
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