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Banks and property firms lead index's fall
By Feng Jianmin |
November 10, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market fell yesterday as property developers and banks lost on fears tighter monetary policies may be unveiled to curb a possible inflow of hot money. Global stocks markets were weak overnight as the European debt crisis worsened.
The Shanghai Composite Index lost 0.8 percent, or 24.5 points, to close at 3,135. Turnover was 250.3 billion yuan (US$37.6 billion), slightly lower than yesterday's 259.2 billion yuan.
The State Administration of Foreign Exchange yesterday announced on its website stricter rules on banks in a bid to curb inflow of hot money which may be banking on a yuan appreciation.
"The (Chinese) government may raise reserve requirements (for banks) and reduce loan size in the short term," said Du Zhengzheng, an analyst at Bohai Securities.
Banks and property firms fell on concerns there would be less liquidity due to tightening measures. The Agricultural Bank of China dropped 2 percent to 2.83 yuan, and China Merchants Bank lost 2.5 percent to 15.17 yuan. Poly Real Estate Co, the country's second-biggest listed property developer, plunged 4.1 percent to 14.47 yuan.
Gold producers led gainers after bullion prices jumped to a record high of more than US$1,400 per ounce on Monday on the New York market.
Shandong Gold Mining Co added 3.7 percent to close at 66.29 yuan, and Zijin Mining Co, the country's largest gold miner, was 2.3 percent higher at 10.48 yuan.
The Shanghai Composite Index lost 0.8 percent, or 24.5 points, to close at 3,135. Turnover was 250.3 billion yuan (US$37.6 billion), slightly lower than yesterday's 259.2 billion yuan.
The State Administration of Foreign Exchange yesterday announced on its website stricter rules on banks in a bid to curb inflow of hot money which may be banking on a yuan appreciation.
"The (Chinese) government may raise reserve requirements (for banks) and reduce loan size in the short term," said Du Zhengzheng, an analyst at Bohai Securities.
Banks and property firms fell on concerns there would be less liquidity due to tightening measures. The Agricultural Bank of China dropped 2 percent to 2.83 yuan, and China Merchants Bank lost 2.5 percent to 15.17 yuan. Poly Real Estate Co, the country's second-biggest listed property developer, plunged 4.1 percent to 14.47 yuan.
Gold producers led gainers after bullion prices jumped to a record high of more than US$1,400 per ounce on Monday on the New York market.
Shandong Gold Mining Co added 3.7 percent to close at 66.29 yuan, and Zijin Mining Co, the country's largest gold miner, was 2.3 percent higher at 10.48 yuan.
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