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Banks lead Shanghai market lower on liquidity worry
By Feng Jianmin |
June 13, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped on liquidity concerns after China's central bank said new loans shrank in May and the cost of borrowing was rising.
The benchmark Shanghai Composite Index lost 1.11 percent to 2,675.10 points. Turnover fell to 37.7 billion yuan (US$5.8 billion).
China's central bank said today that new yuan loans in May was 551.6 billion yuan, 100.5 billion yuan less than the last year. The weighted average inter-bank interest rate was 2.93 percent, 0.77 percentage points higher from last month.
A bunch of economic data, including inflation, investment and consumption figures, is due to release tomorrow. A China International Capital Corp report estimated that Consumer Price Index, a main measure for inflation, would rise 5.6 percent from a year earlier in May. It said that CPI growth may hit 6 percent in June.
Banks dropped. Bank of China lost 1.3 percent to 3.12 yuan. Agricultural Bank of China slid 0.7 percent to 2.71 yuan.
Gold miners were weak after gold bullion price fell to US$1,530 per ounce. Shandong Gold Mining Group Co dropped 1.4 percent to 45 yuan.
Inner Mongolia Yili Industrial Co, a major dairy firm in China, dropped by the daily limit of 10 percent after a online post accused the company's managers of insider trading.
The benchmark Shanghai Composite Index lost 1.11 percent to 2,675.10 points. Turnover fell to 37.7 billion yuan (US$5.8 billion).
China's central bank said today that new yuan loans in May was 551.6 billion yuan, 100.5 billion yuan less than the last year. The weighted average inter-bank interest rate was 2.93 percent, 0.77 percentage points higher from last month.
A bunch of economic data, including inflation, investment and consumption figures, is due to release tomorrow. A China International Capital Corp report estimated that Consumer Price Index, a main measure for inflation, would rise 5.6 percent from a year earlier in May. It said that CPI growth may hit 6 percent in June.
Banks dropped. Bank of China lost 1.3 percent to 3.12 yuan. Agricultural Bank of China slid 0.7 percent to 2.71 yuan.
Gold miners were weak after gold bullion price fell to US$1,530 per ounce. Shandong Gold Mining Group Co dropped 1.4 percent to 45 yuan.
Inner Mongolia Yili Industrial Co, a major dairy firm in China, dropped by the daily limit of 10 percent after a online post accused the company's managers of insider trading.
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