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Stocks drop to 2-week low over liquidity squeeze, slowdown fears
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SHANGHAI stocks retreated to a two-week low over a short-term liquidity squeeze and potential economic slowdown amid China’s structural reform.
The Shanghai Composite Index edged down 0.06 percent to 2,202.8 points today, posing for a weekly loss after a three-day fall.
Investors may withdraw capital from the stock market near the year’s end, which will impose short-term pressure on the market. Sentiment will remain weak in a slightly volatile market through the month, said Guotai Junan Securities in a note today.
However the brokerage firm said it’s confident about market conditions next year.
Dariusz Kowalczyk, senior economist at Credit Agricole Corporate and Investment Bank, said in a report today that the central economic work conference may announce a growth cut for next year to 7 percent, which would be negative and weigh on risky assets.
Top Chinese banks retreated after they issued a combine 19 billion yuan (US$3.1 billion) of the country’s first negotiable certificates of deposit today. The biggest lender, Industrial and Commercial Bank of China, shed 0.5 percent to 3.76 yuan. China Construction Bank, the second-biggest lender, dipped 0.2 percent to 4.36 yuan. Agricultural Bank of China, the third top player, fell 0.8 percent to 2.55 yuan.
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