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Index caps biggest weekly loss
By Staff Reporter |
September 18, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday, capping the benchmark index's biggest weekly loss in more than two months, after brokerages and heavyweight shares declined.
The Shanghai Composite Index dipped 0.15 percent, or 3.78 points, to close at 2,598.69. The market's turnover totaled 94.7 billion yuan (US$14 billion).
The gauge slid a total of 2.4 percent this week, the biggest since July.
Brokerages dragged down the index after China Securities Journal yesterday said, citing an unidentified person, that the country plans to conduct an investigation into some local securities brokerages for irregularities in their operations, including the use of low commission to attract new customers. The checks will be carried out by the Securities Association of China and local brokerages found to be flouting rules may have their licenses revoked, it said.
Citic Securities, China's biggest listed brokerage, fell 1 percent to 11.13 yuan. GF Securities shed 3.46 percent to 32.35 yuan.
PetroChina, the biggest index component, dipped 0.2 percent to 9.98 yuan. China Petroleum and Chemical Corp, Asia's largest refiner, lost 0.5 percent to 8.03 yuan.
Shares of some domestic banks rose after the China Banking Regulatory Commission rebuffed reports it had increased the capital adequacy ratio for banks to as much as 15 percent.
The Shanghai Composite Index dipped 0.15 percent, or 3.78 points, to close at 2,598.69. The market's turnover totaled 94.7 billion yuan (US$14 billion).
The gauge slid a total of 2.4 percent this week, the biggest since July.
Brokerages dragged down the index after China Securities Journal yesterday said, citing an unidentified person, that the country plans to conduct an investigation into some local securities brokerages for irregularities in their operations, including the use of low commission to attract new customers. The checks will be carried out by the Securities Association of China and local brokerages found to be flouting rules may have their licenses revoked, it said.
Citic Securities, China's biggest listed brokerage, fell 1 percent to 11.13 yuan. GF Securities shed 3.46 percent to 32.35 yuan.
PetroChina, the biggest index component, dipped 0.2 percent to 9.98 yuan. China Petroleum and Chemical Corp, Asia's largest refiner, lost 0.5 percent to 8.03 yuan.
Shares of some domestic banks rose after the China Banking Regulatory Commission rebuffed reports it had increased the capital adequacy ratio for banks to as much as 15 percent.
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