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Shanghai shares drop as central bank tightens liquidity
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Shanghai stocks declined in morning trading as money costs climbed after the central bank suspended its weekly liquidity injection today.
The benchmark Shanghai Composite Index lost 0.25 percent to 2,134.27 points by midday. Half-day turnover was 38.5 billion yuan (US$6.3 billion).
The People’s Bank of China today halted its open market operation after pumping 8 billion yuan into the money market through seven-day reverse repurchase agreements on Tuesday. This is equal to withdrawing 5 billion yuan from the market this week.
The seven-day repurchase rate increased 2.5 basis points to 3.89 percent at 11.30am in Shanghai while the overnight rate added 7 basis points to 3.73 percent.
Brokerages fell after data showed the gross profit of 16 listed securities companies shrank 63 percent month-on-month to 970 million yuan in October. Haitong Securities lost 0.6 percent to 11.23 yuan after reporting a 64.5 percent slump in net profit in October while Soochow Securities Co dropped 0.4 percent to 7.41 yuan.
Oil producers fell the most. Offshore Oil Engineering Co slumped 1.9 percent to 9.12 yuan. China Oilfield Services Ltd lost 3 percent to 24.27 yuan. PetroChina Co Ltd slipped 1 percent to 7.83 yuan.
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