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Bank capital fears dampen index
By Joyce Pan |
January 6, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index reversed earlier gains and ended lower today on media reports that Bank of China plans to raise funds on the stock market.
The benchmark Shanghai Composite Index dropped 0.85 percent, or 27.96 points, to close at 3,254.22 points. Turnover shrank to 158 billion yuan (US$23.2 billion) from 161.9 billion yuan. Losers outnumbered gainers 517 to 340 while 32 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.19 percent to close at 1,203.24 points.
Media reports said today Bank of China is planning to seek funds from both Shanghai and Hong Kong bourses in March to increase its capital-adequacy ratio. Analysts estimated the financing plans may exceed 100 billion yuan.
Meanwhile, concerns are growing over tight monetary policy after Zhang Xiaoqiang, deputy director of the National Development and Reform Commission, said China faced risks from large amounts of "hot money" inflows with the weaker US dollar and China's easier monetary policy.
Bank of China retreated 1.2 percent to 4.29 yuan. China Merchants Bank slid 2.1 percent to 17.36 yuan and Shanghai Pudong Development Bank withdrew 2 percent to 20.93 yuan.
Bucking the downward trend, commodity producers remained strong on rising commodity prices. Jiangxi Copper Co was up 1.2 percent to 42.13 yuan. Aluminum Corp of China added 0.7 percent to 15.01 yuan. Yunnan Chihong Zinc & Germanium Co climbed 1.2 percent to 27.91 yuan.
The aerospace sector outperformed on media reports that China's first development base for satellite navigation application was set up in Shanghai on Monday. Hafei Aviation Industry Co surged 7.8 percent to 23.37 yuan. Shaanxi Aero-space Power Hi-tech Co edged up 1.3 percent to 14.49 yuan.
The benchmark Shanghai Composite Index dropped 0.85 percent, or 27.96 points, to close at 3,254.22 points. Turnover shrank to 158 billion yuan (US$23.2 billion) from 161.9 billion yuan. Losers outnumbered gainers 517 to 340 while 32 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.19 percent to close at 1,203.24 points.
Media reports said today Bank of China is planning to seek funds from both Shanghai and Hong Kong bourses in March to increase its capital-adequacy ratio. Analysts estimated the financing plans may exceed 100 billion yuan.
Meanwhile, concerns are growing over tight monetary policy after Zhang Xiaoqiang, deputy director of the National Development and Reform Commission, said China faced risks from large amounts of "hot money" inflows with the weaker US dollar and China's easier monetary policy.
Bank of China retreated 1.2 percent to 4.29 yuan. China Merchants Bank slid 2.1 percent to 17.36 yuan and Shanghai Pudong Development Bank withdrew 2 percent to 20.93 yuan.
Bucking the downward trend, commodity producers remained strong on rising commodity prices. Jiangxi Copper Co was up 1.2 percent to 42.13 yuan. Aluminum Corp of China added 0.7 percent to 15.01 yuan. Yunnan Chihong Zinc & Germanium Co climbed 1.2 percent to 27.91 yuan.
The aerospace sector outperformed on media reports that China's first development base for satellite navigation application was set up in Shanghai on Monday. Hafei Aviation Industry Co surged 7.8 percent to 23.37 yuan. Shaanxi Aero-space Power Hi-tech Co edged up 1.3 percent to 14.49 yuan.
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