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Index falls as central bank withdraws capital
By Hu Xiaocen |
November 8, 2012, Thursday
|
Online Edition
Online Edition
THE Shanghai Composite Index fell for the fourth consecutive day after the central bank drained a huge amount of capital from the money market this week.
The key index dropped 1.02 percent to 2,084.35 points this morning with a turnover of 25.1 billion yuan (US$4 billion).
The People's Bank of China withdrew 101 billion yuan this week after the seven-day repurchase rate, a measure of interbank funding availability, dropped 0.1 percentage point. The lower the rate, the more abundant money supply in the financial system.
Financial institutions declined 1.3 percent on average by the noon break. Industrial and Commercial Bank of China, the nation's biggest lender, fell 0.8 percent to 3.85 yuan. The second-biggest lender, China Construction Bank, shed 0.5 percent to 4.24 yuan. Haitong Securities, one of China's leading brokerage firms, plunged 2 percent to 8.86 yuan. China Merchants Securities tumbled 1.4 percent to 9.53 yuan.
Oil refiners and coal producers led the fall in the morning by 2.8 percent and 2.7 percent respectively. Commodity prices tumbled on market speculation that the US government spending and tax cuts would weaken demand for energy commodities.
China Petroleum and Chemical Co, the nation's largest oil refiner, lost 1.1 percent to 6.33 yuan. PetroChina Co, the second-biggest player, shed 0.8 percent to 8.75 yuan. China Shenhua Energy Co, the nation's biggest coal producer, dropped 1.5 percent to 22.83 yuan. Yanzhou Coal Mining Co sank 2 percent to 17.7 yuan.
The key index dropped 1.02 percent to 2,084.35 points this morning with a turnover of 25.1 billion yuan (US$4 billion).
The People's Bank of China withdrew 101 billion yuan this week after the seven-day repurchase rate, a measure of interbank funding availability, dropped 0.1 percentage point. The lower the rate, the more abundant money supply in the financial system.
Financial institutions declined 1.3 percent on average by the noon break. Industrial and Commercial Bank of China, the nation's biggest lender, fell 0.8 percent to 3.85 yuan. The second-biggest lender, China Construction Bank, shed 0.5 percent to 4.24 yuan. Haitong Securities, one of China's leading brokerage firms, plunged 2 percent to 8.86 yuan. China Merchants Securities tumbled 1.4 percent to 9.53 yuan.
Oil refiners and coal producers led the fall in the morning by 2.8 percent and 2.7 percent respectively. Commodity prices tumbled on market speculation that the US government spending and tax cuts would weaken demand for energy commodities.
China Petroleum and Chemical Co, the nation's largest oil refiner, lost 1.1 percent to 6.33 yuan. PetroChina Co, the second-biggest player, shed 0.8 percent to 8.75 yuan. China Shenhua Energy Co, the nation's biggest coal producer, dropped 1.5 percent to 22.83 yuan. Yanzhou Coal Mining Co sank 2 percent to 17.7 yuan.
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