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Worries over liquidity dent share index
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SHANGHAI stocks fell yesterday, snapping a five-day winning streak, as investors cashed in previous gains amid uncertainty over liquidity at the end of this quarter.
The key Shanghai Composite Index lost 0.86 percent, the biggest daily decline in one month, to 2,236.22 points.
For the week, the index gained 4.5 percent, the biggest weekly rise since February, after stronger-than-expected data indicated that China’s economy is regaining momentum.
A seasonal shortage of liquidity in mid and late September is likely to weigh on the market, said Qi Li, analyst with Western Securities.
Shenyin and Wanguo Securities said the market fell on “a bout of profit taking in financial and shipping sectors that have gained a lot in previous sessions.”
Shanghai Pudong Development Bank shed 2.8 percent to 11.91 yuan (US$1.95). China Shipping Development Co fell 5.3 percent to 5.02 yuan after UBS AG downgraded its rating.
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