Benchmark index falls to three-week low
Equities declined on Thursday, sending the benchmark index to its lowest level in three weeks, as money market rates surged on concerns that newshare sales will divert funds from the market. InnerMongolia Baotou Steel Rare-Earth Hi-Tech Co and ChinaMinmetals Rare Earth Co slid 1.5 percent. Wuliangye Yibin Co, the nation’s secondlargest maker of baijiu liquor, dropped 2.3 percent after posting lower first-half profit. The Shanghai Composite Index retreated 0.6 percent to 2,195.82 at the close, its lowest level since Aug 8. The one-day repurchase rate on the Shanghai Stock Exchange jumped to 45 percent, the highest level since December 2007. The Shanghai Securities News reported this week that initial public offerings from 10 companies will freeze about 800 billion yuan ($130 billion).