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Stocks fall to 3-month low
By Ye Zhen |
April 2, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell to the lowest level in more than three months as investors remained cautious about the growth prospects of economy, while China' central bank drained cash from the country's money market for the seventh straight week.
The benchmark Shanghai Composite Index lost 0.3 percent to settle at 2,227.74 points, the lowest close since December 27. Turnover was 77.6 billion yuan (US$12.5 billion) at the trading close.
"Doubts over China's economic outlook arose after the expansion of manufacturing activity in March missed market expectations and investors are taking a cautious stance as the three-day Qingming Festival holiday approaches," Guosen Securities said today.
The market decline also came after the People's Bank of China today withdrew 30 billion yuan from the country's financial system via 28-day repurchase agreements, bringing the total amount of withdrawal via open market operations to 1.1 trillion yuan since the central bank restarted a repo operation on February 19.
Health-care stocks led the market down. Shinva Medical Instrument Co dropped 5.3 percent to 35.75 yuan. China Resources Wandong Medical Equipment Co decreased 3 percent to 11.08 yuan.
Guangxi Wuzhou Zhongheng Group Co lost 6 percent to 12.83 yuan. Kangmei Pharmaceutical Co fell 4.8 percent to 17.02 yuan. Guangzhou Pharmaceutical Co Ltd dropped 2.8 percent to 31.77 yuan.
Property developers gained after Shanghai Securities News reported that the central bank will not set a uniform requirement on down payment and mortgage rates for second homes.
Poly Real Estate, the country's second largest developer, climbed 1.4 percent to 11.99 yuan. Gemdale Corporation added 1.2 percent to 6.68 yuan. China Enterprise Co Ltd advanced 4.5 percent to 5.58 yuan.
The benchmark Shanghai Composite Index lost 0.3 percent to settle at 2,227.74 points, the lowest close since December 27. Turnover was 77.6 billion yuan (US$12.5 billion) at the trading close.
"Doubts over China's economic outlook arose after the expansion of manufacturing activity in March missed market expectations and investors are taking a cautious stance as the three-day Qingming Festival holiday approaches," Guosen Securities said today.
The market decline also came after the People's Bank of China today withdrew 30 billion yuan from the country's financial system via 28-day repurchase agreements, bringing the total amount of withdrawal via open market operations to 1.1 trillion yuan since the central bank restarted a repo operation on February 19.
Health-care stocks led the market down. Shinva Medical Instrument Co dropped 5.3 percent to 35.75 yuan. China Resources Wandong Medical Equipment Co decreased 3 percent to 11.08 yuan.
Guangxi Wuzhou Zhongheng Group Co lost 6 percent to 12.83 yuan. Kangmei Pharmaceutical Co fell 4.8 percent to 17.02 yuan. Guangzhou Pharmaceutical Co Ltd dropped 2.8 percent to 31.77 yuan.
Property developers gained after Shanghai Securities News reported that the central bank will not set a uniform requirement on down payment and mortgage rates for second homes.
Poly Real Estate, the country's second largest developer, climbed 1.4 percent to 11.99 yuan. Gemdale Corporation added 1.2 percent to 6.68 yuan. China Enterprise Co Ltd advanced 4.5 percent to 5.58 yuan.
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