Banks lead index down to 1-month closing low
By Ding Yining |
January 26, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S stock index fell more than 1 percent to a one-month closing low yesterday, led by the banking sector on concerns that a tighter mortgage policy and continuous fundraising by lenders may dry up liquidity in the market.
The benchmark Shanghai Composite Index lost 1.09 percent, or 34.18 points, to close at 3,094.41. Turnover totaled 95.1 billion yuan(US$13.9 billion).
"The index will remain relatively low as investors hold back their capital ahead of a possible rise in interest rate," Wan Bing, a GF Securities' analyst, wrote in a note.
The Bank of China has proposed to sell up to 40 million yuan of convertible bonds to replenish its capital and is still waiting for shareholders' approval. Its shares dipped 0.48 percent to 4.14 yuan.
Shanghai Pudong Development Bank dropped 2.11 percent to 20.46 yuan, and China Construction Bank shed 1.83 percent to 5.91 yuan. The Bank of Communications lost 3.18 percent to 8.82 yuan.
The China Securities Journal reported yesterday that some banks in Beijing have halved the discounts on the interest rates on first-home mortgages to 15 percent of the central bank's benchmark rates. Borrowers could enjoy a 30 percent discount previously.
China Vanke Co, the biggest listed domestic real estate firm, dipped 0.31 percent to 9.52 yuan.
Brokerages bucked the downward trend as the securities regulator said it has started accepting brokerages' applications to be part of a trial program of margin trading and short selling.
Haitong Securities rose 1.68 percent to 17.56 yuan, and Everbright Securities added 1.02 percent to 27.60 yuan.
The benchmark Shanghai Composite Index lost 1.09 percent, or 34.18 points, to close at 3,094.41. Turnover totaled 95.1 billion yuan(US$13.9 billion).
"The index will remain relatively low as investors hold back their capital ahead of a possible rise in interest rate," Wan Bing, a GF Securities' analyst, wrote in a note.
The Bank of China has proposed to sell up to 40 million yuan of convertible bonds to replenish its capital and is still waiting for shareholders' approval. Its shares dipped 0.48 percent to 4.14 yuan.
Shanghai Pudong Development Bank dropped 2.11 percent to 20.46 yuan, and China Construction Bank shed 1.83 percent to 5.91 yuan. The Bank of Communications lost 3.18 percent to 8.82 yuan.
The China Securities Journal reported yesterday that some banks in Beijing have halved the discounts on the interest rates on first-home mortgages to 15 percent of the central bank's benchmark rates. Borrowers could enjoy a 30 percent discount previously.
China Vanke Co, the biggest listed domestic real estate firm, dipped 0.31 percent to 9.52 yuan.
Brokerages bucked the downward trend as the securities regulator said it has started accepting brokerages' applications to be part of a trial program of margin trading and short selling.
Haitong Securities rose 1.68 percent to 17.56 yuan, and Everbright Securities added 1.02 percent to 27.60 yuan.
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