Shares fall on liquidity concerns
Chinese stocks fell yesterday amid liquidity concerns.
The Shanghai Composite Index lost 0.5 percent to 3,280.46 points. The Shenzhen Component Index ended 0.8 percent lower at 11,005.5. The ChiNext Index, which tracks China’s Nasdaq-style board, tumbled 1.32 percent to 1,755.81.
Market sentiment was dimmed as lock-up shares worth nearly 110 billion yuan (US$16.7 billion) will become tradable this week, the largest amount in a week this year, which will drain liquidity, analysts said.
Chinese suppliers of Apple fell over iPhone X sales concerns. GoerTek, which derives a fifth of its revenue from Apple, lost 4.05 percent. Lens Technology Co sank 8.44 percent, and Lianchuang Electronic Technology shed 7.35 percent.