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Index dips on Europe woes, funds shortage
By Lu Nengneng |
February 15, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell the most in a week as a liquidity shortage and the worsening European debt crisis hurt investor sentiment.
The Shanghai Composite Index dipped 0.3 percent to 2,344.77 points.
Data released earlier showed that China's broad M2 monetary supply growth eased to 12.4 percent annually in January from 13.6 percent in December while the Consumer Price Index, a key gauge of inflation, rose to 4.5 percent annually in January from 4.1 percent in December.
China Investment Securities said that policymakers, trying to balance sustaining economic growth and taming inflation at the same time, may allow money supply to grow moderately in the near future.
Banks fell after reports that they may bear the risk caused by local governments' approaching debt repayments.
The Industrial and Commercial Bank of China, the country's biggest lender, shed 0.46 percent to 4.35 yuan. China CITIC Bank fell 1.35 percent to 4.4 yuan.
The downgrade in the credit ratings of Italy, Portugal and Spain by Moody's on Monday ensured that investors were reminded of Europe's financial turmoil.
The continent, which is suffering a sovereign debt crisis, is China's largest trading partner and takes up 18 percent of the nation's exports, according to Shenyin & Wanguo Securities.
China Ocean Shipping, better known as COSCO, dipped 0.74 percent to end at 5.39 yuan and China Shipping Development shed 0.79 percent to finish at 6.29 yuan.
The Shanghai Composite Index dipped 0.3 percent to 2,344.77 points.
Data released earlier showed that China's broad M2 monetary supply growth eased to 12.4 percent annually in January from 13.6 percent in December while the Consumer Price Index, a key gauge of inflation, rose to 4.5 percent annually in January from 4.1 percent in December.
China Investment Securities said that policymakers, trying to balance sustaining economic growth and taming inflation at the same time, may allow money supply to grow moderately in the near future.
Banks fell after reports that they may bear the risk caused by local governments' approaching debt repayments.
The Industrial and Commercial Bank of China, the country's biggest lender, shed 0.46 percent to 4.35 yuan. China CITIC Bank fell 1.35 percent to 4.4 yuan.
The downgrade in the credit ratings of Italy, Portugal and Spain by Moody's on Monday ensured that investors were reminded of Europe's financial turmoil.
The continent, which is suffering a sovereign debt crisis, is China's largest trading partner and takes up 18 percent of the nation's exports, according to Shenyin & Wanguo Securities.
China Ocean Shipping, better known as COSCO, dipped 0.74 percent to end at 5.39 yuan and China Shipping Development shed 0.79 percent to finish at 6.29 yuan.
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