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Brokers and auto makers drop in Shanghai
By Feng Jianmin |
December 23, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell among concerns about a tight liquidity at the end of the year. Brokerages and car makers dropped while metal producers gained.
The benchmark Shanghai Composite Index lost 0.54 percent, or 15.46 points, to 2,862.44. Turnover fell to 55.5 billion yuan (US$8.3 billion) from yesterday morning's 70.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 1 percent to 1,325.54.
Costs of borrowing among banks have reached the highest in nearly three years, the Shanghai Securities Journal reported today. The average interest rate on the currency market was 4.8 percent yesterday, 12 percent higher from Tuesday.
Brokerages were among the decliners on worries that earnings will be pared by weak performance of the stock market and thin turnover. Haitong Securities Co was down 0.9 percent to 10.05 yuan. GF Securities Co fell 0.9 percent to 51.50 yuan. Northeast Securities lost 1.3 percent to 23.34 yuan.
Car makers declined on news that preferential tax policy for low-emission cars may be cancelled next year. SAIC Motor Co, China's largest car maker, dropped 1 percent to 16.10 yuan. FAW Car Co sank 1.8 percent to 16.75 yuan.
Metal producers outperformed. Jiangxi Copper Co edged up 0.5 percent to 41.62 yuan. Aluminum Corp of China climbed 3 percent to 10.73 yuan. Yunnan Copper Co added 0.2 percent to 25.20 yuan.
The benchmark Shanghai Composite Index lost 0.54 percent, or 15.46 points, to 2,862.44. Turnover fell to 55.5 billion yuan (US$8.3 billion) from yesterday morning's 70.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 1 percent to 1,325.54.
Costs of borrowing among banks have reached the highest in nearly three years, the Shanghai Securities Journal reported today. The average interest rate on the currency market was 4.8 percent yesterday, 12 percent higher from Tuesday.
Brokerages were among the decliners on worries that earnings will be pared by weak performance of the stock market and thin turnover. Haitong Securities Co was down 0.9 percent to 10.05 yuan. GF Securities Co fell 0.9 percent to 51.50 yuan. Northeast Securities lost 1.3 percent to 23.34 yuan.
Car makers declined on news that preferential tax policy for low-emission cars may be cancelled next year. SAIC Motor Co, China's largest car maker, dropped 1 percent to 16.10 yuan. FAW Car Co sank 1.8 percent to 16.75 yuan.
Metal producers outperformed. Jiangxi Copper Co edged up 0.5 percent to 41.62 yuan. Aluminum Corp of China climbed 3 percent to 10.73 yuan. Yunnan Copper Co added 0.2 percent to 25.20 yuan.
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