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Weakening yuan weighs on Shanghai market
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SHANGHAI stocks declined this morning when the key index slipped in its biggest weekly loss in two months after the yuan posted the biggest intraday drop since 2007.
The benchmark Shanghai Composite Index fell 0.95 percent, or 19.47 points, to 2,027.88. Turnover was 50 billion yuan (US$8.2 billion) by midday.
The Chinese yuan weakened as much as 0.9 percent to 6.1808 against the US dollar today, the biggest intraday drop since 2007, data from the Bloomberg showed.
The yuan’s decline in the past week has fueled concerns about a capital outflow among investors.
The stock market is expected to continue a weak run as investors are pessimistic about the economy and market liquidity, Dongguan Securities said in a note today.
Most small-cap shares lost. Top Choice Medical Investment Co Inc slumped 7 percent to 41.75 yuan. Jishi Media Co Ltd decreased 4.7 percent to 10.68 yuan. Chinese Universe Publishing and Media Co Ltd dropped 5.6 percent to 21.57 yuan.
Gold shares rose on rising gold prices. Shandong Gold Mining Co Ltd climbed 4 percent to 18.67 yuan. Zhongjin Gold Corp Ltd added 1.3 percent to 8.62 yuan.
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