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Shortfall in funds and slowdown hit shares
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Shanghai stocks edged down yesterday over a short-term liquidity squeeze and a potential economic slowdown amid China’s structural reforms.
The Shanghai Composite Index fell 0.06 percent to 2,202.8 points.
Investors may withdraw funds from the market near the year-end, which will impose short-term pressure on stocks. Sentiment will remain weak for the rest of the month, said Guotai Junan Securities in a note yesterday.
Dariusz Kowalczyk, senior economist at Credit Agricole Corporate and Investment Bank, said in a report yesterday that the central economic work conference may unveil a cut in economic growth to 7 percent in 2014, which would be seen as negative.
Top Chinese banks fell after they issued a combined 19 billion yuan (US$3.1 billion) of the country’s first negotiable certificates of deposit yesterday.
The Industrial and Commercial Bank of China, the biggest lender, shed 0.5 percent to 3.76 yuan. China Construction Bank, the second-biggest lender, dipped 0.2 percent to 4.36 yuan. The Agricultural Bank of China, the third top player, fell 0.8 percent to finish at 2.55 yuan.
China Petroleum and Chemical Corp, also known as Sinopec, the biggest oil refining and petrochemical company in Asia, jumped 1.5 percent to 4.81 yuan.
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