Stocks fall over fears of growth slowdown
Print Edition
AMID worries that the world’s second-largest economy was slowing down, Shanghai stocks fell to a seven-week low yesterday.
The key Shanghai Composite Index lost 1.17 percent to 2,113.69 points, the biggest decline since January 6.
The index slipped 0.1 percent this week.
The Shanghai market sank on Thursday from a two-month high after HSBC’s Flash China Purchasing Managers’ Index dropped to a seven-month low and the central bank continued to drain liquidity via repurchase agreements.
“The weak PMI figure plus poor electricity data released earlier confirmed a moderation in China’s economic growth, which negatively affected the market sentiment,” CITIC Securities said.
Shenyin & Wanguo Securities said that although short-term funding costs continued to drop, recent liquidity withdrawal indicated that the central bank would not allow too much cash in the market.
Oil stocks led the market down as investors locked in profits after the surge in previous day.
China Petroleum & Chemical Corp lost 3.1 percent to 5.01 yuan (82 US cents), paring a limit-up gain made on Thursday after it announced that it was opening its retail business to private investors. Sinopec Shanghai Petrochemical Co slumped 9.6 percent to 3.48 yuan following a 10 percent gain a day earlier.
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