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Weak PMI, funding worries hit index
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Shanghai stocks fell yesterday for a sixth day in a row on concerns about the Chinese economy and tight liquidity conditions at the year end.
The Shanghai Composite Index shed 0.45 percent, or 9.78 points, to 2,151.08.
“A weaker-than-expected HSBC Flash China Manufacturing Purchasing Managers’ Index and a relatively tight liquidity toward the year end are factors dragging the market down,” CITIC Securities said in a report yesterday.
The one-month Shanghai Interbank Offered Rate, a gauge of funding costs, surged 68 basis points yesterday, the biggest advance in seven weeks, to 6.24 percent, data from the National Interbank Funding Center showed.
Meanwhile, Haitong Securities said in a note yesterday that the regulator’s plans to introduce preferred shares and expand the over-the-counter market for the trading of unlisted equities triggered concerns that funds may be diverted from the A-share market.
Most property developers fell. Poly Real Estate Croup Co Ltd shed 1.4 percent to 8.59 yuan. Gemdale Corporation lost 1.9 percent to 6.30 yuan.
Shanghai’s state-owned enterprises were mixed after the city unveiled a reform guideline to boost efficiency and competitiveness of its SOEs.
Shanghai No. 1 Pharmacy Co Ltd lost 1.9 percent to 8.80 yuan. Shanghai Lansheng Corporation shed 0.43 percent to 16.36 yuan. Shanghai Ganglian E-commerce Holdings Co Ltd surged by the daily limit of 10 percent to 36.19 yuan.
Defense-related shares rose, with Beijing Aerospace Changfeng Co Ltd surging 8.2 percent to 16.50 yuan. The Aerospace Communications Holdings Co Ltd rose 3.7 percent to end at 13.35 yuan.
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