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Banking shares fall on remark
By Feng Jianmin |
November 22, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended generally flat yesterday but banking shares collapsed after Chinese Vice Premier Wang Qishan warned against risks in the global and Chinese financial systems.
The Shanghai Composite Index shed 0.1 percent to end at 2,415.13 points. Property developers, however, gained on speculation that real estate policies may ease.
Wang said the global economic situation was "extremely severe," and warned against risks in China's financial system.
"The global economic recession triggered by the financial crisis will be long term," Wang said. "China should make its prudent monetary policy more forward looking, targeted and flexible."
He also said financial institutions should avoid expanding blindly and need to prioritize risk management.
Shenyin and Wanguo Securities said in a report: "The economic situation in both Europe and the United States is worrisome, and sentiment in the domestic market is easily affected by fluctuation of the overseas markets."
It warned that investors "have over-estimated the extend of easing as the slight moderation in monetary policies is having only limited impact on the market."
The Bank of China lost 0.7 percent to 2.91 yuan while the Industrial and Commercial Bank of China fell 1.2 percent to 4.25 yuan.
Property developers rose after a report by Renmin University released over the weekend suggested that China might loosen restrictions on the real estate market in the third quarter of next year.
Poly Real Estate rose 0.7 percent to end at 9.14 yuan.
The Shanghai Composite Index shed 0.1 percent to end at 2,415.13 points. Property developers, however, gained on speculation that real estate policies may ease.
Wang said the global economic situation was "extremely severe," and warned against risks in China's financial system.
"The global economic recession triggered by the financial crisis will be long term," Wang said. "China should make its prudent monetary policy more forward looking, targeted and flexible."
He also said financial institutions should avoid expanding blindly and need to prioritize risk management.
Shenyin and Wanguo Securities said in a report: "The economic situation in both Europe and the United States is worrisome, and sentiment in the domestic market is easily affected by fluctuation of the overseas markets."
It warned that investors "have over-estimated the extend of easing as the slight moderation in monetary policies is having only limited impact on the market."
The Bank of China lost 0.7 percent to 2.91 yuan while the Industrial and Commercial Bank of China fell 1.2 percent to 4.25 yuan.
Property developers rose after a report by Renmin University released over the weekend suggested that China might loosen restrictions on the real estate market in the third quarter of next year.
Poly Real Estate rose 0.7 percent to end at 9.14 yuan.
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