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Shanghai shares tumble 1.17% over fears of slowdown
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SHANGHAI stocks fell the most in seven weeks today amid worries that the world’s second largest economy is slowing down.
The key Shanghai Composite Index lost 1.17 percent to 2,113.69 points, the biggest decline since January 6. Turnover was 99.5 billion yuan (US$16.3 billion) at the trading close. The index slipped 0.1 percent this week.
The Shanghai market sank yesterday from a two-month high after HSBC’s Flash China Purchasing Managers’ Index dropped to a seven-month low and the central bank continued to drain liquidity via repurchase agreements.
“The weak PMI figure plus poor electricity data released earlier confirmed a moderation in China’s economic growth, which is negative for the market sentiment,” said CITIC Securities.
Shenyin & Wanguo Securities said that although short-term funding costs continued to drop, recent liquidity withdrawal indicates that the central bank would not allow too much cash in the market.
Oil stocks led the market down as investors locked in profits after yesterday’s surge. China Petroleum & Chemical Corporation lost 3.1 percent to 5.01 yuan, paring gains made yesterday after it announced to open its retail business to private investors.
Sinopec Shanghai Petrochemical Co Ltd slumped 9.6 percent to 3.48 yuan following a 10 percent gain yesterday.
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