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Stocks fall for fourth day in row
By Ye Zhen |
March 12, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell for a fourth consecutive day, the longest losing streak in three months.
This came after the central bank withdrew liquidity from the country's financial market via open market operation.
The benchmark Shanghai Composite Index lost 1.04 percent to 2,286.61 points.
Turnover was 100.6 billion yuan (US$16 billion) at the trading close.
People's Bank of China, the central bank, siphoned 26 billion yuan from the domestic money market through 28-day repurchase agreements, much more than the withdrawal of 5 billion yuan last week.
"Sensitive investors were spooked by the suddenly enlarged repos and the withdrawal may post negative impact on the market liquidity," said Liu Kan, analyst with Guoyuan Securities.
Brokerages declined among financial stocks after data showed the gross revenue of 19 listed securities companies dropped 26 percent in February to 4.9 billion yuan and their combined net profit decreased 30.5 percent to 1.9 billion yuan.
CITIC Securities, China's biggest listed brokerage, decreased 1.1 percent to 13.54 yuan. Everbright Securities Co fell 1.4 percent to 13.92 yuan. China Merchants Securities Co dropped 1.1 percent to 13.50 yuan.
Most lenders also fell after China Securities Journal reported that China Banking Regulatory Commission launched a probe of wealth management products.
China Minsheng Banking Corp declined 4.7 percent to 9.74 yuan. Shanghai Pudong Development Bank Co lost 1.7 percent to 10.29 yuan. China Merchants Bank shed 1.7 percent to 12.90 yuan.
This came after the central bank withdrew liquidity from the country's financial market via open market operation.
The benchmark Shanghai Composite Index lost 1.04 percent to 2,286.61 points.
Turnover was 100.6 billion yuan (US$16 billion) at the trading close.
People's Bank of China, the central bank, siphoned 26 billion yuan from the domestic money market through 28-day repurchase agreements, much more than the withdrawal of 5 billion yuan last week.
"Sensitive investors were spooked by the suddenly enlarged repos and the withdrawal may post negative impact on the market liquidity," said Liu Kan, analyst with Guoyuan Securities.
Brokerages declined among financial stocks after data showed the gross revenue of 19 listed securities companies dropped 26 percent in February to 4.9 billion yuan and their combined net profit decreased 30.5 percent to 1.9 billion yuan.
CITIC Securities, China's biggest listed brokerage, decreased 1.1 percent to 13.54 yuan. Everbright Securities Co fell 1.4 percent to 13.92 yuan. China Merchants Securities Co dropped 1.1 percent to 13.50 yuan.
Most lenders also fell after China Securities Journal reported that China Banking Regulatory Commission launched a probe of wealth management products.
China Minsheng Banking Corp declined 4.7 percent to 9.74 yuan. Shanghai Pudong Development Bank Co lost 1.7 percent to 10.29 yuan. China Merchants Bank shed 1.7 percent to 12.90 yuan.
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