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Worries about bank rivalry dent key index
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Shanghai’s stocks edged down yesterday after investors were concerned about increased competition for banks and brokerages.
The Shanghai Composite Index shed 0.61 percent to 2,207.53 points after gaining for two consecutive days.
A gauge measuring financial shares sank 2.8 percent, the biggest in two months, Bloomberg News data showed.
Banks dropped after the State Administration for Industry and Commerce approved names for five privately-funded banks this month.
“Competition among banks will increase after Internet firms and some large retailers announced their intention to set up banks,” said Chen Hao, a chief researcher at Dingxin Huijin Investment Management Co. He added banks can expect more reforms and a quarter-end liquidity squeeze.
Brokerages fell after financial information provider Dazhihui said China may allow the setting up of partnership brokerages to enhance the market’s efficiency but this may erode the profit of existing brokerages. GF Securities Co fell 4 percent to 12.25 yuan (US$2).
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