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Index closes week 2.48% down at 3,196
By Joyce Pan |
January 8, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed flat today, sending the gauge to a weekly loss of 2.48 percent in the first week of this year, as markets feared the central bank could take more forceful measures to cramp liquidity.
The benchmark Shanghai Composite Index added 0.1 percent, or 3.22 points, to close at 3,196 points. Turnover shrank to 121.7 billion yuan (US$17.9 billion) from 157.2 billion yuan on Thursday. Gainers outnumbered losers 644 to 217 while 19 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.67 percent to close at 1,187.66 points.
People's Bank of China yesterday raised the interest rate on its three-month bills for the first time since last August, intensifying concerns the central bank may raise benchmark lending rates to cool growth and fight inflation.
"The key index failed to conquer the 3,300-point barrier this week and kept sluggish as a result of accelerated new share sales and signs China has moved to tighten liquidity gradually," said Chen Jian, a United Securities Co analyst.
Consumer-related shares led the gainers after the first batch of three consumer credit companies gained regulatory approval to start business within six months in a bid to boost domestic consumption.
Sichuan Changhong Electric Co jumped 2.6 percent to 6.42 yuan. Shanghai Bailian Group Co advanced 2.7 percent to 18.14 yuan. Beijing Hualian Hypermarket Co gained 1.7 percent to 9.8 yuan.
Bank of China edged up 0.5 percent to 4.23 yuan. Shanghai Pudong Development Bank climbed 1.1 percent to 20.69 yuan. Industrial and Commercial Bank of China inched up 0.4 percent to 5.23 yuan.
Commodity producers lost on speculations previous gains were excessive. Jiangxi Copper Co was down 2.6 percent to 40.21 yuan. Aluminum Corp of China eased 1 percent to 14.98 yuan. Yunnan Chihong Zinc & Germanium Co retreated 0.9 percent to 27.33 yuan.
The benchmark Shanghai Composite Index added 0.1 percent, or 3.22 points, to close at 3,196 points. Turnover shrank to 121.7 billion yuan (US$17.9 billion) from 157.2 billion yuan on Thursday. Gainers outnumbered losers 644 to 217 while 19 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.67 percent to close at 1,187.66 points.
People's Bank of China yesterday raised the interest rate on its three-month bills for the first time since last August, intensifying concerns the central bank may raise benchmark lending rates to cool growth and fight inflation.
"The key index failed to conquer the 3,300-point barrier this week and kept sluggish as a result of accelerated new share sales and signs China has moved to tighten liquidity gradually," said Chen Jian, a United Securities Co analyst.
Consumer-related shares led the gainers after the first batch of three consumer credit companies gained regulatory approval to start business within six months in a bid to boost domestic consumption.
Sichuan Changhong Electric Co jumped 2.6 percent to 6.42 yuan. Shanghai Bailian Group Co advanced 2.7 percent to 18.14 yuan. Beijing Hualian Hypermarket Co gained 1.7 percent to 9.8 yuan.
Bank of China edged up 0.5 percent to 4.23 yuan. Shanghai Pudong Development Bank climbed 1.1 percent to 20.69 yuan. Industrial and Commercial Bank of China inched up 0.4 percent to 5.23 yuan.
Commodity producers lost on speculations previous gains were excessive. Jiangxi Copper Co was down 2.6 percent to 40.21 yuan. Aluminum Corp of China eased 1 percent to 14.98 yuan. Yunnan Chihong Zinc & Germanium Co retreated 0.9 percent to 27.33 yuan.
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