HONG KONG Oct 24 China shares finished at their
lowest since late September on Thursday, led by financials on
tightening fears as short-term money rates again spiked.
State news agency Xinhua reported that Beijing authorities
would bar property developers from selling homes if they do not
accept the government's "guidance" on prices, suggesting
officials would directly intervene to hold down prices.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings finished down 0.7 percent at 2,400.5 points,
while the Shanghai Composite Index shed 0.9 percent.
Both ended at their lowest closing level since Sept.
China's benchmark seven-day repo rate opened
up a full percentage point at 5 percent on Thursday, marking its
highest since July after the People's Bank of China refrained
from injecting funds at a third-straight session.
This resulted in previously-issued maturing instruments
draining 58 billion yuan this week from the country's interbank
market, compared to 44.5 billion yuan last week.
A stronger-than-expected Markit/HSBC flash Purchasing
Managers Index (PMI) reading helped briefly trim losses. Stocks
losses on the day were not accompanied by unusual spikes in
The earliest reading of China's monthly economic performance
was 50.9 in October, above September's final reading of 50.2 and
marking a seven-month high.
The China Securities Regulatory Commission might
simultaneously launch a preferred shares program and restart
approvals for new A-share initial public listings, Reuters
Chinese Service reported on Thursday, citing two sources with
knowledge of the matter.
(Reporting by Clement Tan; Editing by XXX)