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Shanghai shares drop on liquidity concern
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Shanghai shares shed today on market correction as investors cashed in following the rumor that Shanghai plans to introduce the international board.
The benchmark Shanghai Composite Index dropped 0.94 percent to 2,190.93 points today. The heavily-weighted lenders and brokerages led the plunge.
Analysts said shares related to economic reforms will continue to be the targets of speculation as the economic growth is expected to be slower in the fourth quarter.
The Shanghai exchange said today that it does not consider introducing the international board amid market talk that the launch of the pilot free trade zone offered a better chance for the board’s launch.
Citic Securities Co and Haitong Securities Co slid more than 3 percent after Bank of America Corp said brokerages will suffer from government efforts to encourage banks to offer asset-management products, according to Bloomberg News.
The FTZ-related stocks' weak performance echoes the drop.
Shanghai Waigaoqiao Free Trade Zone Development Co tumbled 3.42 percent to 51.91 yuan, the lowest in recent seven trading days.
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