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Shanghai shares lower amid liquidity concern
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Shanghai stocks retreated six days in a row today as investors are worried about the year-end liquidity crunch. The benchmark Shanghai Composite Index dropped 0.45 percent, or 9.78 point, to 2,151.08. Daily turnover fell to 66.9 billion yuan (US$11 billion).
“The weaker-than-expected HSBC Flash China Manufacturing Purchasing Managers’ Index and tight liquidity toward the year end are among factors dragging the market down,” CITIC Securities said in a note today.
China’s one-month Shanghai Interbank Offered Rate, a gauge of funding costs, surged 68 basis points today, the biggest advance in seven weeks, to 6.24 percent, data from the National Interbank Funding Center showed.
Haitong Securities said the regulator’s initiatives to introduce preferred shares and to expand the over-the-counter market for the trading of unlisted equities fueled concerns that they will divert funds from the A-share market.
Most property developers slumped. Poly Real Estate Croup Co Ltd fell 1.4 percent to 8.59 yuan. Gemdale Corporation lost 1.9 percent to 6.30 yuan.
Shanghai state-owned enterprises showed mixed performance after the city government released a reform guideline to boost the efficiency and competiveness of its SOEs. Shanghai No.1 Pharmacy Co Ltd lost 1.9 percent to 8.80 yuan. Shanghai Lansheng Corporation shed 0.43 percent to 16.36 yuan. Shanghai Ganglian E-commerce Holdings Co Ltd surged by the daily limit of 10 percent to 36.19 yuan.
National defense-related shares soared after Japan adopted a strategy to increase military spending to counter China’s growing military might.
Beijing Aerospace Changfeng Co Ltd surged 8.2 percent to 16.50 yuan. Aerospace Communications Holdings Co Ltd advanced 3.7 percent to 13.35 yuan.
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