Bench­mark in­dex falls to three-week low

China Daily (Canada) - - BUSINESS -

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).

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