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Fear of tighter monetary policy drags down market
By Richard Fu and Feng Jianmin |
November 2, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key equity index edged lower on concerns for a tighter monetary policy, while steel stocks gained on stable demand outlook.
The Shanghai Composite Index dipped 0.3 percent to 3,045.4. Turnover grew to a two week high at 306.5 billion yuan (US$45.9 billion) from yesterday's 254 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the Chinese mainland, lost 0.7 percent to 13,646.5.
Baoshan Iron and Steel Co advanced 1.9 percent to 7.43 yuan, leading gains in the steel sector, after its general manager said yesterday China's steel demand will remain steady next year. Wuhan Iron and Steel Co rose 2.12 percent to 5.29 yuan.
Banks were mixed amid tighter monetary policy outlook. A China Business News report said today the government may cut the money supply next year as it's considering a shift in monetary policy from "moderately loose" to a "sound" one.
Elsewhere, India and Australia surprised market by interest rate hike today to rein in inflation.
Industrial and Commercial Bank of China was unchanged at 4.44 yuan and Bank of Communications lost 0.8 percent to 6.17 yuan.
The Shanghai Composite Index dipped 0.3 percent to 3,045.4. Turnover grew to a two week high at 306.5 billion yuan (US$45.9 billion) from yesterday's 254 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the Chinese mainland, lost 0.7 percent to 13,646.5.
Baoshan Iron and Steel Co advanced 1.9 percent to 7.43 yuan, leading gains in the steel sector, after its general manager said yesterday China's steel demand will remain steady next year. Wuhan Iron and Steel Co rose 2.12 percent to 5.29 yuan.
Banks were mixed amid tighter monetary policy outlook. A China Business News report said today the government may cut the money supply next year as it's considering a shift in monetary policy from "moderately loose" to a "sound" one.
Elsewhere, India and Australia surprised market by interest rate hike today to rein in inflation.
Industrial and Commercial Bank of China was unchanged at 4.44 yuan and Bank of Communications lost 0.8 percent to 6.17 yuan.
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