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Banks and copper producers lead Shanghai index down
By Feng Jianmin |
May 24, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower on tight liquidity.
The benchmark Shanghai Composite Index was down 0.27 percent to 2,767.06. Turnover was 89.8 billion yuan (US$13.8 billion).
The gauge dropped as much as 1 percent in the morning session, taking cue from weak performances of overseas stock markets overnight on concerns about European debt crisis and a slowdown of China's economic growth.
New York's Dow Jones Average shed 1.05 percent, while London FTSE 100 lost 1.89 percent.
Domestically, liquidity tightens before companies make their tax payments by the end of May. The seven-day repurchase rate, an indication of borrowing cost among banks, rose for the fourth day to a one week high of 4.73 percent, according to the National Interbank Funding Center.
China's central bank issued 6 billion yuan worth of one-year bills yesterday, 60 percent less than the previous week as demand fell amid tight liquidity.
Banks led the decliners. Industrial and Commercial Bank of China dipped 0.5 percent to 4.44 yuan. Agricultural Bank of China lost 0.7 percent to 2.85 yuan.
Copper producers were weak as metal prices were weighed by concerns for economic conditions in China and Europe.
"The base metals complex has started the weak under heavy pressure with the combination of a stronger dollar, weaker Chinese equity markets and a fall in Chinese manufacturing growth," the Standard Bank wrote in a report. "Fears over the European debt crisis have also resurfaced, triggering a fresh round of risk aversion."
Yunnan Copper Co slid 1.2 percent to 21.61 yuan.
Gold miners gained because of inflation worries. Shandong Gold Mining Co rose 2.7 percent to 45.72 yuan. Zijin Mining Co gained 1.3 percent to 7.09 yuan.
The benchmark Shanghai Composite Index was down 0.27 percent to 2,767.06. Turnover was 89.8 billion yuan (US$13.8 billion).
The gauge dropped as much as 1 percent in the morning session, taking cue from weak performances of overseas stock markets overnight on concerns about European debt crisis and a slowdown of China's economic growth.
New York's Dow Jones Average shed 1.05 percent, while London FTSE 100 lost 1.89 percent.
Domestically, liquidity tightens before companies make their tax payments by the end of May. The seven-day repurchase rate, an indication of borrowing cost among banks, rose for the fourth day to a one week high of 4.73 percent, according to the National Interbank Funding Center.
China's central bank issued 6 billion yuan worth of one-year bills yesterday, 60 percent less than the previous week as demand fell amid tight liquidity.
Banks led the decliners. Industrial and Commercial Bank of China dipped 0.5 percent to 4.44 yuan. Agricultural Bank of China lost 0.7 percent to 2.85 yuan.
Copper producers were weak as metal prices were weighed by concerns for economic conditions in China and Europe.
"The base metals complex has started the weak under heavy pressure with the combination of a stronger dollar, weaker Chinese equity markets and a fall in Chinese manufacturing growth," the Standard Bank wrote in a report. "Fears over the European debt crisis have also resurfaced, triggering a fresh round of risk aversion."
Yunnan Copper Co slid 1.2 percent to 21.61 yuan.
Gold miners gained because of inflation worries. Shandong Gold Mining Co rose 2.7 percent to 45.72 yuan. Zijin Mining Co gained 1.3 percent to 7.09 yuan.
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