Doubts on liquidity hit shares

Source: Xinhua | 2017-03-31

SHANGHAI shares yesterday fell for the fourth straight day amid lingering concerns over liquidity.

The Shanghai Composite Index shed 0.96 percent to 3,210.24 points.

Market sentiment was gloomy as “investors continued to take a wait-and-see stance over liquidity concerns,” said Wanlong Securities, a Guangzhou-based brokerage.

The People’s Bank of China skipped open market operations for five days in a row and drained 40 billion yuan (US$5.8 billion) yesterday.

CRRC Corp shares lost 1.81 percent to 10.31 yuan after the company said its profit fell 4.42 percent last year, the first drop since it was formed through the merger of China’s two biggest trainmakers CNR Corp and CSR Corp two years ago. CRRC’s profit shrank to 11.3 billion yuan as its annual sales tumbled 17.9 percent.