Index drops on monetary policy concern
By Ding Yining and Feng Jianmin |
April 9, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S stock market fell the most in two weeks yesterday after the central bank issued three-year central bills for the first time in nearly two years, bringing concern of a shift to a tighter monetary policy.
The benchmark Shanghai Composite Index was down 0.91 percent, or 29.51 points, to close at 3,118.70, its biggest decline since March 25. Turnover was 142.1 billion yuan (US$20.8 billion).
The People's Bank of China auctioned 15 billion yuan of three-year bills with a yield of 2.75 percent in its open market operations yesterday, which was seen as an indication of tightening liquidity.
The Industrial Bank lost 2.64 percent to 35.74 yuan. China Merchants Bank Co retreated 2.09 percent to 15.92 yuan. The Bank of Communications was down 1.91 percent to 8.23 yuan.
"The market will remain rather flat as investors are concerned about more tightening measures if the economy shows signs of overheating, but the index is likely to stay above 3,100 points in the near future," Hengji Investment said in a research note.
Elsewhere, Shanghai Securities News reported that the city was working on a plan to introduce a house ownership tax to curb surging property prices and prevent speculation, citing an unnamed expert in the Finance Institute of the Chinese Academy of Social Sciences.
Poly Real Estate slid 3.1 percent to 19.53 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co lost 0.81 percent to 23.37 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, lost 2.52 percent to 7.75 yuan.
The benchmark Shanghai Composite Index was down 0.91 percent, or 29.51 points, to close at 3,118.70, its biggest decline since March 25. Turnover was 142.1 billion yuan (US$20.8 billion).
The People's Bank of China auctioned 15 billion yuan of three-year bills with a yield of 2.75 percent in its open market operations yesterday, which was seen as an indication of tightening liquidity.
The Industrial Bank lost 2.64 percent to 35.74 yuan. China Merchants Bank Co retreated 2.09 percent to 15.92 yuan. The Bank of Communications was down 1.91 percent to 8.23 yuan.
"The market will remain rather flat as investors are concerned about more tightening measures if the economy shows signs of overheating, but the index is likely to stay above 3,100 points in the near future," Hengji Investment said in a research note.
Elsewhere, Shanghai Securities News reported that the city was working on a plan to introduce a house ownership tax to curb surging property prices and prevent speculation, citing an unnamed expert in the Finance Institute of the Chinese Academy of Social Sciences.
Poly Real Estate slid 3.1 percent to 19.53 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co lost 0.81 percent to 23.37 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, lost 2.52 percent to 7.75 yuan.
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