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Shanghai stocks drop 0.3% today
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SHANGHAI stocks dipped on Friday following fund outflows due to concerns of tightening regulations and industrial slowdown in the world’s second largest economy.
The Shanghai Composite Index lost 0.3 percent to 3,123.17 points today. Over the week it shrank 1.12 percent.
Despite several fund injections into the banking system from the central bank over the past five days, “liquidity remained tightening amid capital inflows,” said Wang Kai, analyst at the China International Capital Corporation.
Last week a total of 40.9 billion yuan (US$6 billion) left the stock market, reported the China Securities Investor Protection Fund Corporation.
Despite measures such as limiting approvals of initial public offering from the government which would ensure liquidity, “China’s monetary policy have been tighter in the past two months, dampening investor sentiment,” said Xun Yugen, chief strategic analyst at Haitong Securities.
Apart from the financial regulations, concerns loom over a new round of economic slowdown, given China indicated cooling momentums in the second quarter as the industrial output added 6.5 percent year on year in May, down from the annual growth of 6.7 percent in the first five months.
China Fortune Securities said the profit growth of listed companies would post uncertainties in the coming days.
Banks led the drop over the week with a decline of 1.38 percent. Bank of Hangzhou fell 1.25 percent to 14.95 yuan, while Bank of Guiyang shrank 1.24 percent to 15.15 yuan today.
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