Shares end lower on liquidity concerns
Print Edition
SHANGHAI stocks fell the most yesterday in a week on mounting liquidity concerns over rising money rates, while the ChiNext board in Shenzhen fell nearly 3 percent.
The Shanghai Composite Index shed 1.25 percent, or 27.55 points, to 2,183.11.
The seven-day repurchase rate, a gauge of funding availability in the money market, rose 43.4 basis points to 3.99 percent in Shanghai yesterday, the biggest increase since July 29, data from the National Interbank Funding Center showed. The overnight repo rate surged 70 basis points, the most since June 20, to 3.78 percent.
The market concerns over liquidity were worsened by the rising money rates while the People’s Bank of China continued not to inject liquidity via the weekly reverse repo auctions.
Meanwhile in Shenzhen, the gauge of growth enterprises on China’s Nasdaq-style ChiNext board, lost 2.9 percent to 1,311.23 points, shaving a gain of more than 80 percent this year.
“Investors have started to withdraw their funds from growth shares amid doubts over their performance,” said Northeast Securities.
Top Choice Medical Investment Co lost 3.4 percent to 33.88 yuan (US$5.57) and China Resources Wandong Medical Equipment Co fell 3.1 percent to 11.79 yuan.
Dr Peng Telecom and Media Group Co shrank 5.3 percent to 18.32 yuan while Bright Oceans Inter-Telecom Corp fell by the daily limit of 10 percent to 10.07 yuan.
Most property developers fell after Dongguan Securities said rising home prices have fueled talk the central government may tighten control on the real estate market. Shanghai Industrial Development Co, which is engaged in real estate, lost 5.5 percent to 8.35 yuan. Gree Real Estate Co fell by the daily limit of 10 percent to 8.21 yuan.
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