Shares fall as weaker yuan drives funds away
Print Edition
SHANGHAI stocks fell again yesterday as predictions of a weaker yuan drove capital away from the market.
The benchmark Shanghai Composite Index lost 1.41 percent to 3,305.74 points.
The yuan had been performing weakly since the start of this week, with the currency at the weakest in eight months against the US dollar on Monday as demand for the greenback rose after investors were hit by political uncertainties in Europe.
Analysts predicted the yuan to continue to weaken and this led to increased worries about liquidity in the market.
Guangzhou Wanlong Securities Consulting said the worries over liquidity were due to less capital flow into the market.
Blue chips in the finance and property sectors bore the brunt of profit-taking.
China Pacific Insurance declined 4.35 percent to 34.75 yuan (US$5.56), China Life Insurance shed 4.26 percent to 38.90 yuan, and China Minsheng Banking Corp lost 2.45 percent to close at 9.94 yuan.
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