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Shanghai shares sink on domestic economy concerns
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SHANGHAI stocks ended slightly lower today, breaking a four-day winning streak, as lingering worries about domestic economic weakness and concern over escalating geopolitical tensions weighed on the market.
The benchmark Shanghai Composite Index shed 0.18 percent, or 3.76 points, to 2,071.47. Turnover was 101.1 billion yuan (US$16.6 billion) by the trading close.
“Economic weakness as indicated by the poor manufacturing purchasing manager’s index released earlier weighed on the market,” said Shenyin & Wanguo Securities. “The short-term market performance was also affected by escalating Russia-Ukraine tension, which delivered a blow to overseas markets.”
However, the brokerage said the ongoing Chinese People's Political Consultative Conference policy meeting was the main focus of attention among investors, who try to gauge which sectors may benefit from reforms and other supporting policies.
Analysts said investors tend to take a cautious stance ahead of the opening of the annual meeting of the National People’s Congress tomorrow, where official economic targets are expected to be announced.
In a sign the government is likely to maintain a neutral-to-tight monetary policy, the People’s Bank of China today drained 35 billion yuan through 14-day repurchase agreements and another 50 billion yuan through 28-day contracts, according to a statement on the central bank’s website.
The cash withdrawal came after a slump in funding costs yesterday, with the seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, dropping to the lowest in more than a year. The rate today gained 69.25 basis points to 3.5 percent.
Cyclical shares dragged the market down on dismal economic prospects. GD Power Development Co Ltd lost 1.7 percent to 2.36 yuan. Beijing Jingneng Power Co Ltd fell 2.7 percent to 4.04 yuan.
Anhui Conch Cement Co Ltd declined 1.2 percent to 14.71 yuan. Zhejiang Jianfeng Group Co Ltd shed 1.4 percent to close at 10.25 yuan.
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