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China stock drop on tighter policy expectation
By Feng Jianmin |
November 3, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key equity index ended slightly lower on concerns for tighter monetary policy to tame growing pressure of imported inflation if the US dollar continued to weaken.
The Shanghai Composite Index dipped 0.14 percent, or 4.3 points to 3,041.14. Turnover was 128.1 billion yuan (US$ 19.1 billion).
The Shenzhen Component Index, which tracks the smaller market in southern China, lost 0.7 percent to 13,555.7.
Commodity prices grew overnight as the US dollar weakened on prospect of quantitative easing plan which will be released tonight. Cotton futures overnight in New York rose to a record, while sugar was at a 29-year high. Oil also ended at six month high at above US$84 a barrel.
People's Bank of China, China's central bank, said yesterday that an economic stimulus plan may end once economy started to pick up. The stance stirred the market sentiment on possible new tightening to come.
China raised its interest rates on October 20 as the first rate increase since the end of 2007.
Agricultural related companies led the gainers on speculation that faster inflation may boost their earnings. Kuichow Moutai Co, a major liquor maker in China, gained 1.3 percent to 164.80 yuan. Beijing Shunxin Agriculture Co rose 2.85 percent to 26 yuan. Gansu Dunhuang Seed Co added 0.42 percent to 33.65 yuan.
Banks gained. China Merchants Bank jumped 3 percent to 15.19 yuan. China Construction Bank rose 1.15 percent to 5.26 yuan. Pudong Development Bank grew 1.3 percent to 14.69 yuan.
ChiNext, an index tracking around 130 start-ups, extended previous losses after the Shenzhen bourse ruled that institutional investers cannot buy in if the shares' daily growth exceeds 5 percent.
The Shanghai Composite Index dipped 0.14 percent, or 4.3 points to 3,041.14. Turnover was 128.1 billion yuan (US$ 19.1 billion).
The Shenzhen Component Index, which tracks the smaller market in southern China, lost 0.7 percent to 13,555.7.
Commodity prices grew overnight as the US dollar weakened on prospect of quantitative easing plan which will be released tonight. Cotton futures overnight in New York rose to a record, while sugar was at a 29-year high. Oil also ended at six month high at above US$84 a barrel.
People's Bank of China, China's central bank, said yesterday that an economic stimulus plan may end once economy started to pick up. The stance stirred the market sentiment on possible new tightening to come.
China raised its interest rates on October 20 as the first rate increase since the end of 2007.
Agricultural related companies led the gainers on speculation that faster inflation may boost their earnings. Kuichow Moutai Co, a major liquor maker in China, gained 1.3 percent to 164.80 yuan. Beijing Shunxin Agriculture Co rose 2.85 percent to 26 yuan. Gansu Dunhuang Seed Co added 0.42 percent to 33.65 yuan.
Banks gained. China Merchants Bank jumped 3 percent to 15.19 yuan. China Construction Bank rose 1.15 percent to 5.26 yuan. Pudong Development Bank grew 1.3 percent to 14.69 yuan.
ChiNext, an index tracking around 130 start-ups, extended previous losses after the Shenzhen bourse ruled that institutional investers cannot buy in if the shares' daily growth exceeds 5 percent.
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