Tight liquidity sends index lower
By Feng Jianmin |
July 21, 2011, Thursday
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Print Edition
Print Edition
SHANGHAI'S key stock index fell for a third straight day due to tight market liquidity while property developers and gold miners lead the decline.
The benchmark Shanghai Composite Index lost 0.1 percent to 2,794.21 points, the lowest close since July 12.
The People's Bank of China announced yesterday it will issue 6 billion yuan in three-month bills this week, a drop of 40 billion yuan from last week. The bank issued 5 billion yuan in one-year notes and made a repurchase of 25 billion yuan on Tuesday.
Bills worth 55 billion yuan will mature this week, the lowest since February.
The benchmark money market rate rose 77.16 basis points to 5.35 percent yesterday, the highest in 10 days.
"The market was expecting policies to ease somewhat, but economic data for the first half of the year hasn't offered any comfort," the strategic team of Guolian Securities led by Zhang Peng wrote in a report. "The macro-economic situation is still uncertain."
The report said investment opportunities can be found in the food, tourism, and pharmaceutical sectors as they have not gained much since a minor market rebound started last month.
Gold miners fell after the bullion price fell to US$1,590 from a 31-year high of US$1,610.60 per ounce. Shandong Gold Mining Co dipped 2.6 percent to 49.93 yuan.
Developers dropped over concerns about tighter measures to cool property prices in smaller cities.
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