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Confidence dip, high prices hit key index
By Feng Jianmin |
September 16, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI shares edged down yesterday after the Chinese central bank revealed that an index showed bankers' confidence in China's economy has dipped, and consumers complained about high inflation.
The Shanghai Composite Index dipped 0.2 percent to end at 2,479.05 points.
The People's Bank of China yesterday said a banker confidence index for the third quarter fell 2.1 percentage points from the last quarter to 54.9 percent due to a cautious outlook for China's economy.
The central bank said 35.7 percent of the bankers surveyed agreed the economy was "relatively hot," 2.6 percentage points down from last quarter. Meanwhile, 52.5 percent of bankers said the economy was "normal," 1.9 percentage points down from the previous three months
In a separate survey released yesterday, the PBOC said more than 70 percent of respondents felt consumer prices are high and this has caused people to be less willing to spend. The public's willingness to invest in the stock market fell to the lowest since 2009, the survey said.
Chen Yong, an analyst with Lianxun Securities, said that economic uncertainties in China and overseas ''have confused investors and they could not decide whether to sell or buy. Market liquidity is relatively tight.''
Smaller banks fell following the PBOC's order to lenders to put aside 70 billion yuan with the central bank. China Minsheng Banking Corp shed 1.7 percent to 5.77 yuan (90 US cents).
Everbright Securities fell 1.3 percent to 11.98 yuan. Haitong Securities dipped 0.2 percent to 8.19 yuan.
The Shanghai Composite Index dipped 0.2 percent to end at 2,479.05 points.
The People's Bank of China yesterday said a banker confidence index for the third quarter fell 2.1 percentage points from the last quarter to 54.9 percent due to a cautious outlook for China's economy.
The central bank said 35.7 percent of the bankers surveyed agreed the economy was "relatively hot," 2.6 percentage points down from last quarter. Meanwhile, 52.5 percent of bankers said the economy was "normal," 1.9 percentage points down from the previous three months
In a separate survey released yesterday, the PBOC said more than 70 percent of respondents felt consumer prices are high and this has caused people to be less willing to spend. The public's willingness to invest in the stock market fell to the lowest since 2009, the survey said.
Chen Yong, an analyst with Lianxun Securities, said that economic uncertainties in China and overseas ''have confused investors and they could not decide whether to sell or buy. Market liquidity is relatively tight.''
Smaller banks fell following the PBOC's order to lenders to put aside 70 billion yuan with the central bank. China Minsheng Banking Corp shed 1.7 percent to 5.77 yuan (90 US cents).
Everbright Securities fell 1.3 percent to 11.98 yuan. Haitong Securities dipped 0.2 percent to 8.19 yuan.
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