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Index falls on fears over steps
By Feng Jianmin and Ding Yining |
November 18, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday tumbled for a second day on concerns that China's economic growth may slow due to steps taken to combat inflation.
Miners and pharmaceutical firms led the decline while banks were mixed yesterday.
The Shanghai Composite Index dropped 1.92 percent, or 55.68 points, to close at 2,838.86, a fresh one-month low. Turnover shrank to 159 billion yuan (US$24.1 billion) from 221.6 billion yuan on Tuesday.
Investors became worried that China's measures to control prices may slow economic growth after People's Bank of China Governor Zhou Xiaochuan said on Tuesday that the central bank will take steps to curb liquidity.
The China Securities Journal reported on its website yesterday that the central bank may raise interest rates tomorrow, citing market observers.
The National Bureau of Statistics said yesterday that consumer confidence in the third quarter fell from the previous three months on inflation concerns. It was the first drop after five quarters of growth.
Miners fell as commodity prices tumbled. Gold prices slid to US$1,332 per ounce and oil sank 1 percent to below US$82 a barrel.
Shandong Gold Mining Co lost 3.91 percent to 51.91 yuan and Datong Coal Industry Co fell 3.01 percent to 20.35 yuan. Aluminum Corp of China shed 2.78 percent to 10.48 yuan.
Shanghai Pharmaceuticals Holding Co shed 5.82 percent to 22.51 yuan. Southwest Pharmaceutical Co slid 9.50 percent to 11.43 yuan.
Miners and pharmaceutical firms led the decline while banks were mixed yesterday.
The Shanghai Composite Index dropped 1.92 percent, or 55.68 points, to close at 2,838.86, a fresh one-month low. Turnover shrank to 159 billion yuan (US$24.1 billion) from 221.6 billion yuan on Tuesday.
Investors became worried that China's measures to control prices may slow economic growth after People's Bank of China Governor Zhou Xiaochuan said on Tuesday that the central bank will take steps to curb liquidity.
The China Securities Journal reported on its website yesterday that the central bank may raise interest rates tomorrow, citing market observers.
The National Bureau of Statistics said yesterday that consumer confidence in the third quarter fell from the previous three months on inflation concerns. It was the first drop after five quarters of growth.
Miners fell as commodity prices tumbled. Gold prices slid to US$1,332 per ounce and oil sank 1 percent to below US$82 a barrel.
Shandong Gold Mining Co lost 3.91 percent to 51.91 yuan and Datong Coal Industry Co fell 3.01 percent to 20.35 yuan. Aluminum Corp of China shed 2.78 percent to 10.48 yuan.
Shanghai Pharmaceuticals Holding Co shed 5.82 percent to 22.51 yuan. Southwest Pharmaceutical Co slid 9.50 percent to 11.43 yuan.
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