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Banks and brokers drop but index stable
By Lu Nengneng and Hu Xiaocen |
December 21, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks ended generally flat yesterday although banks and brokerages declined.
The Shanghai Composite Index dipped 0.1 percent to end at 2,215.93 points.
As yuan funds accumulated from foreign exchange purchases shrank for the second month in November, there was speculation of another requirement ratio cut for banks to ease their liquidity pressure. But the speculation gave way to fears that the cut may not take place.
"The stock market may see a further tumble if the hopes of a ratio cut are not fulfilled in the near future," Chen Bin, senior investment consultant at Wanlian Securities, said in a note.
Bank of China lost 0.34 percent to 2.91 yuan. Bank of Communications shed 0.89 percent to 4.46 yuan, and China Construction Bank sank 1.3 percent to close at 4.56 yuan yesterday.
Brokers also fell following the market's six straight weekly losses and shrinking turnover.
CITIC Securities shed 1.94 percent to 10.1 yuan. Haitong Securities fell 2 percent to 7.76 yuan.
But there were hopes for a possible stimulus package as Dai Xianglong, head of the National Council for Social Security Fund, yesterday backed channeling local pension funds into the market.
The Shanghai Composite Index dipped 0.1 percent to end at 2,215.93 points.
As yuan funds accumulated from foreign exchange purchases shrank for the second month in November, there was speculation of another requirement ratio cut for banks to ease their liquidity pressure. But the speculation gave way to fears that the cut may not take place.
"The stock market may see a further tumble if the hopes of a ratio cut are not fulfilled in the near future," Chen Bin, senior investment consultant at Wanlian Securities, said in a note.
Bank of China lost 0.34 percent to 2.91 yuan. Bank of Communications shed 0.89 percent to 4.46 yuan, and China Construction Bank sank 1.3 percent to close at 4.56 yuan yesterday.
Brokers also fell following the market's six straight weekly losses and shrinking turnover.
CITIC Securities shed 1.94 percent to 10.1 yuan. Haitong Securities fell 2 percent to 7.76 yuan.
But there were hopes for a possible stimulus package as Dai Xianglong, head of the National Council for Social Security Fund, yesterday backed channeling local pension funds into the market.
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