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Black Monday as stocks fall to 14-month low
By Lydia Chen |
September 19, 2011, Monday
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Online Edition
Online Edition
SHANGHAI stock market fell to its lowest level in 14 months today, with cyclical shares leading a cross-board fall as fears over tightening money supply kept turnover down.
The Shanghai Composite Index lost 1.79 percent to 2,437.80, slightly above the recent low of 2,437 touched in August. Turnover declined to merely 48.6 billion yuan (US$7.62 billion), compared with last Friday's 49.6 billion yuan.
"Investors are worried that other emerging markets, including China may follow in the footsteps of India and continue their monetary tightening," said Zhou Xuesong, an analyst with Citic Securities.
India's Reserve Bank on Friday raised interest rates for the 12th time during the last year-and-a-half in a continuing struggle to control inflation.
China hasn't raised its interest rate or bank reserve requirement ratio since July. Inflation in the second largest economy still touched an annual high of 6.2 percent in August.
Markets are expected to stay weak for the rest of the week. The country's money market rates, benchmark indexes to track liquidity, are expected to rise soon ahead of a week-long National Day holiday from October 1 to 7 when people usually withdraw their savings to spend on tourism and other leisure activities.
China's central bank has a preference for rolling out tightening policies around or during weekends and national holidays.
Minsheng Bank skimmed 2.23 percent to 5.69 yuan. The Bank of Communications lost 1.94 percent to 4.54 yuan.
China Coal Energy Co led the fall among coal producers after its parent was ordered to cease operations in Shanxi province following a fatal mine accident.
The unit of China's second-biggest coal producer slumped 5.94 percent to 9.02 yuan.
Developers also weighed down on the market today after data showed housing prices jumped across the country in August, defying the government's repeated measures to contain the rocketing prices.
China Vanke, the country's largest developer, lost 3.47 percent to 7.78 yuan. Shanghai Shimao Co skipped 6.07 percent to 13.46 yuan.
China's August new home prices rose in all 70 cities monitored for the first time this year, the statistics bureau said on its website yesterday.
Prices in Beijing advanced 1.9 percent from a year ago, while those in Shanghai, the nation's financial center, increased 2.8 percent. New home prices climbed in 67 out of 70 cities in the first half this year and were up in all but two in July.
The Shanghai Composite Index lost 1.79 percent to 2,437.80, slightly above the recent low of 2,437 touched in August. Turnover declined to merely 48.6 billion yuan (US$7.62 billion), compared with last Friday's 49.6 billion yuan.
"Investors are worried that other emerging markets, including China may follow in the footsteps of India and continue their monetary tightening," said Zhou Xuesong, an analyst with Citic Securities.
India's Reserve Bank on Friday raised interest rates for the 12th time during the last year-and-a-half in a continuing struggle to control inflation.
China hasn't raised its interest rate or bank reserve requirement ratio since July. Inflation in the second largest economy still touched an annual high of 6.2 percent in August.
Markets are expected to stay weak for the rest of the week. The country's money market rates, benchmark indexes to track liquidity, are expected to rise soon ahead of a week-long National Day holiday from October 1 to 7 when people usually withdraw their savings to spend on tourism and other leisure activities.
China's central bank has a preference for rolling out tightening policies around or during weekends and national holidays.
Minsheng Bank skimmed 2.23 percent to 5.69 yuan. The Bank of Communications lost 1.94 percent to 4.54 yuan.
China Coal Energy Co led the fall among coal producers after its parent was ordered to cease operations in Shanxi province following a fatal mine accident.
The unit of China's second-biggest coal producer slumped 5.94 percent to 9.02 yuan.
Developers also weighed down on the market today after data showed housing prices jumped across the country in August, defying the government's repeated measures to contain the rocketing prices.
China Vanke, the country's largest developer, lost 3.47 percent to 7.78 yuan. Shanghai Shimao Co skipped 6.07 percent to 13.46 yuan.
China's August new home prices rose in all 70 cities monitored for the first time this year, the statistics bureau said on its website yesterday.
Prices in Beijing advanced 1.9 percent from a year ago, while those in Shanghai, the nation's financial center, increased 2.8 percent. New home prices climbed in 67 out of 70 cities in the first half this year and were up in all but two in July.
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