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Shanghai shares sink as central bank drains liquidity
By Ye Zhen |
March 12, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell for a forth straight day after the central bank withdrew liquidity from the country's financial market via open market operation.
The key Shanghai Composite Index lost 0.75 percent to 2,293 points. Turnover was 50.2 billion yuan (US$8 billion) by the noon break.
People's Bank of China, the central bank, siphoned 26 billion yuan from the domestic money market through 28-day repurchase agreements, The China Securities Journal reported today, citing an unnamed trader.
Brokerages declined among financial stocks after data showed the gross revenue of 19 listed securities companies dropped 26 percent in February to 4.9 billion yuan and their combined net profit decreased 30.5 percent to 1.9 billion yuan.
CITIC Securities, China's biggest listed brokerage, shed 0.4 percent to 13.63 yuan. Founder Securities Co lost 1 percent to 7.05 yuan. Haitong Securities Co skid 0.3 percent to 11.52 yuan. China Merchants Securities Co dropped 1.2 percent to 13.49 yuan.
Most lenders also fell. China Minsheng Banking Corp declined 2.2 percent to 10 yuan. Shanghai Pudong Development Bank Co lost 1 percent to 10.37 yuan. China Merchants Bank shed 0.7 percent to 13.03 yuan.
Property developers were mixed. Poly Real Estate, the country's second largest developer, added 0.1 percent to 11.58 yuan. Gemdale Corporation lost 0.5 percent to 6.36 yuan.
The key Shanghai Composite Index lost 0.75 percent to 2,293 points. Turnover was 50.2 billion yuan (US$8 billion) by the noon break.
People's Bank of China, the central bank, siphoned 26 billion yuan from the domestic money market through 28-day repurchase agreements, The China Securities Journal reported today, citing an unnamed trader.
Brokerages declined among financial stocks after data showed the gross revenue of 19 listed securities companies dropped 26 percent in February to 4.9 billion yuan and their combined net profit decreased 30.5 percent to 1.9 billion yuan.
CITIC Securities, China's biggest listed brokerage, shed 0.4 percent to 13.63 yuan. Founder Securities Co lost 1 percent to 7.05 yuan. Haitong Securities Co skid 0.3 percent to 11.52 yuan. China Merchants Securities Co dropped 1.2 percent to 13.49 yuan.
Most lenders also fell. China Minsheng Banking Corp declined 2.2 percent to 10 yuan. Shanghai Pudong Development Bank Co lost 1 percent to 10.37 yuan. China Merchants Bank shed 0.7 percent to 13.03 yuan.
Property developers were mixed. Poly Real Estate, the country's second largest developer, added 0.1 percent to 11.58 yuan. Gemdale Corporation lost 0.5 percent to 6.36 yuan.
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