Index ends at lowest in 43 months on delay talk
By Ye Zhen |
August 30, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday fell to the lowest level in 43 months, as speculation reignited that policymakers will put off additional easing measures.
The Shanghai Composite Index lost 0.96 percent to settle at 2,053.24 points, the lowest level since February 2, 2009.
The People's Bank of China on Tuesday released a net 125 billion yuan (US$19.7 billion) into the banking system via reverse repurchase agreements, following an injection of 365 billion yuan last week.
The PBOC has been using the reverse repurchase operations to adjust cash flows for 10 straight weeks since late June, the longest streak in 10 years. Analysts said it is cautious due to rising property prices and upward risk to inflation.
Founder Securities said the room for policy easing will be further limited as inflation in August may rise to 2.2 percent after it slowed to 1.8 percent in July.
Poly Real Estate Group, China's second-largest listed developer, shed 1.5 percent to 9.10 yuan after the central government reaffirmed its stance to prevent home prices from rebounding. Gemdale Corp fell 0.8 percent to 4.93 yuan.
Zhongjin Gold Corp fell 2.3 percent to 14.74 yuan after reporting a 3.1 percent drop in first-half profit. Zijin Mining Group Co, the nation's largest gold producer, shed 1.1 percent to 3.74 yuan.
Air China Ltd, the nation's biggest international carrier, shrank 1.8 percent to 4.80 yuan after its first-half profit slumped 77 percent.
The Shanghai Composite Index lost 0.96 percent to settle at 2,053.24 points, the lowest level since February 2, 2009.
The People's Bank of China on Tuesday released a net 125 billion yuan (US$19.7 billion) into the banking system via reverse repurchase agreements, following an injection of 365 billion yuan last week.
The PBOC has been using the reverse repurchase operations to adjust cash flows for 10 straight weeks since late June, the longest streak in 10 years. Analysts said it is cautious due to rising property prices and upward risk to inflation.
Founder Securities said the room for policy easing will be further limited as inflation in August may rise to 2.2 percent after it slowed to 1.8 percent in July.
Poly Real Estate Group, China's second-largest listed developer, shed 1.5 percent to 9.10 yuan after the central government reaffirmed its stance to prevent home prices from rebounding. Gemdale Corp fell 0.8 percent to 4.93 yuan.
Zhongjin Gold Corp fell 2.3 percent to 14.74 yuan after reporting a 3.1 percent drop in first-half profit. Zijin Mining Group Co, the nation's largest gold producer, shed 1.1 percent to 3.74 yuan.
Air China Ltd, the nation's biggest international carrier, shrank 1.8 percent to 4.80 yuan after its first-half profit slumped 77 percent.
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