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Stocks lower early as commodity, financial firms drop
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SHANGHAI stocks edged lower this morning as commodity producers and financial firms declined.
The benchmark Shanghai Composite Index shed 0.02 percent to 2,100.78 points. Turnover was 57 billion yuan (US$9.3 billion) by the noon break.
“Downward risk on the market is waning amid a recovering economy, but market performance is depressed by the still tight liquidity,” said Industrial Securities.
People’s Bank of China, the central bank, today injected 11 billion yuan to the country’s money market via seven-day reverse repurchase agreements at a rate of 3.9 percent.
Non-ferrous metal producers were among the biggest decliners. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China’s biggest producer of rare earth materials, lost 0.9 percent to 29.31 yuan. Xiamen Tungsten Co fell 1.2 percent to 31.74 yuan.
Brokerages fell among financial institutions. Haitong Securities lost 0.9 percent to 11.50 yuan. Founder Securities Co declined 0.9 percent to 6.26 yuan. Southwest Securities Co dropped 1.4 percent to 9.40 yuan.
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