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B shares in Shanghai tumbles most in 5 months
By Lydia Chen and Feng Jianmin |
April 27, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock market dropped for the fourth day amid the largest tumble of the US dollar-denominated B shares in five months.
The Shanghai Composite Index fell 0.46 percent to 2,907.66. Turnover dipped to 114.8 billion yuan (US$17.6 billion).
A measure for Shanghai listed B-shares dropped 5.33 percent to 303.26 points on concerns that the Federal Reserve Chairman Ben Bernanke will announce to raise interest rates or curtail money printing after a two day meeting of Federal Open Market Committee ends at 2:15 pm Wednesday Eastern Time.
Speculation for a stronger dollar was spurred after the US Treasury Secretary Timothy Geithner also vowed yesterday that they "will never embrace a strategy to weaken the dollar."
Dollar-denominated yuan assets will be a victim of the appreciation of the US dollar, analysts said.
Six among a total of 83 B-shares listed on both Shanghai and Shenzhen bourse dropped by the daily limit of 10 percent, including SGSB Group Co, a Shanghai based machinery maker, and Shanghai Linyun Industry Development Co.
Luo Yi, a senior analyst with China Merchants Securities suspected that the tumble was caused by a withdrawal of foreign capitals.
Meanwhile, Developers led the decliners of the yuan denominated A-shares after China Securities Journal reported the country may require down payments of 50 percent for first home purchases to further contain rising property prices.
China Vanke, China's largest property developer, dropped 1.8 percent to 8.40 yuan. Poly Real Estate Development Co slid 2 percent to 13.28 yuan.
The Shanghai Composite Index fell 0.46 percent to 2,907.66. Turnover dipped to 114.8 billion yuan (US$17.6 billion).
A measure for Shanghai listed B-shares dropped 5.33 percent to 303.26 points on concerns that the Federal Reserve Chairman Ben Bernanke will announce to raise interest rates or curtail money printing after a two day meeting of Federal Open Market Committee ends at 2:15 pm Wednesday Eastern Time.
Speculation for a stronger dollar was spurred after the US Treasury Secretary Timothy Geithner also vowed yesterday that they "will never embrace a strategy to weaken the dollar."
Dollar-denominated yuan assets will be a victim of the appreciation of the US dollar, analysts said.
Six among a total of 83 B-shares listed on both Shanghai and Shenzhen bourse dropped by the daily limit of 10 percent, including SGSB Group Co, a Shanghai based machinery maker, and Shanghai Linyun Industry Development Co.
Luo Yi, a senior analyst with China Merchants Securities suspected that the tumble was caused by a withdrawal of foreign capitals.
Meanwhile, Developers led the decliners of the yuan denominated A-shares after China Securities Journal reported the country may require down payments of 50 percent for first home purchases to further contain rising property prices.
China Vanke, China's largest property developer, dropped 1.8 percent to 8.40 yuan. Poly Real Estate Development Co slid 2 percent to 13.28 yuan.
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