Related News
Financial stocks drag Shanghai index down 0.11%
Online Edition
SHANGHAI stocks dropped today, led by financial firms, after money market rates hiked even though the central bank suspended cash withdrawal for the first time in four months.
The key Shanghai Composite Index shed 0.11 percent, or 2.17 points, to 2,036.51. Turnover was 76.7 billion yuan (US$12.4 billion) for the day. The index gained 0.51 percent this week.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, rose 22.90 basis points to a three-month high of 3.78 percent today, according to the National Interbank Funding Center.
The rate increased even though the People’s Bank of China yesterday refrained from draining money from the banking system via regulatory open market operations, the first suspension since February.
Lenders declined. China Minsheng Banking lost 0.96 percent to 6.19 yuan. Bank of China decreased 1.2 percent to 2.54 yuan.
Insurers also fell after the China Insurance Regulatory Commission issued a notice yesterday that insurance companies are forbidden to sell insurance policies linked to gambling. The watchdog made the decision at a time when some insurers introduced products for World Cup betters.
Ping An Insurance (Group) Company of China slid 1 percent to 38.87 yuan. China Pacific Insurance dropped 2.8 percent to 17.58 yuan. China Life Insurance shed 0.8 percent to 13.49 yuan.
Slower growth in industrial profit also weighed on the market. Data from the National Bureau of Statistics showed that China's industrial profit increased 8.9 percent year-on-year in May, down from 9.6 percent in April.
The three new listings on the Shenzhen market – Feitian Technologies, Wuxi Xuelang Environmental Technology and Shandong Longda Meat Foodstuff – all surged by the daily limit of 10 percent after jumping by the first-day trading limit of 44 percent yesterday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
