Banks fall on liquidity concerns
By Ding Yining |
July 31, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market closed lower yesterday after banks dropped due to liquidity concerns ahead of China Everbright Bank's initial public offering next month.
The benchmark Shanghai Composite Index fell 0.4 percent, or 10.61 points, to close at 2,637.5. Turnover dropped to 94 billion yuan (US$13.8 billion) from Thursday's 122 billion yuan.
The gauge gained nearly 10 percent this month, the largest monthly gain in a year, as the market was less concerned about possible tightening measures and economic outlook in the second half.
"The market outlook in August will be optimistic with little possibility of a shift in economic policies although there will be small fluctuations around 2,700 points," Changjiang Securities said in a research note.
The Industrial and Commercial Bank of China, the nation's biggest lender, lost 1.15 percent after China Everbright Bank said it would list on the Shanghai market on August 18. Shanghai Pudong Development Bank was down 0.66 percent to 14.98 yuan.
Aluminum Corp of China surged 6.66 percent to 10.89 yuan after saying it has agreed to pay Rio Tinto US$1.35 billion for a stake in an iron ore joint venture in Guinea.
The benchmark Shanghai Composite Index fell 0.4 percent, or 10.61 points, to close at 2,637.5. Turnover dropped to 94 billion yuan (US$13.8 billion) from Thursday's 122 billion yuan.
The gauge gained nearly 10 percent this month, the largest monthly gain in a year, as the market was less concerned about possible tightening measures and economic outlook in the second half.
"The market outlook in August will be optimistic with little possibility of a shift in economic policies although there will be small fluctuations around 2,700 points," Changjiang Securities said in a research note.
The Industrial and Commercial Bank of China, the nation's biggest lender, lost 1.15 percent after China Everbright Bank said it would list on the Shanghai market on August 18. Shanghai Pudong Development Bank was down 0.66 percent to 14.98 yuan.
Aluminum Corp of China surged 6.66 percent to 10.89 yuan after saying it has agreed to pay Rio Tinto US$1.35 billion for a stake in an iron ore joint venture in Guinea.
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