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Index falls over fears of rate rise
By Feng Jianmin and Ding Yining |
September 16, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell to its lowest level in two weeks over concerns the government may raise interest rates to fight inflation.
The benchmark Shanghai Composite Index lost 1.34 percent, or 36 points, to close at 2,652.50, the first decline after three straight days of gains. Turnover was 138.5 billion yuan (US$20.55 billion), slightly lower than Tuesday's 141 billion yuan.
The market slumped after rumors spread that the government will raise the interest rate for savings by 0.27 percentage point while keeping loan rates stable.
Central bank advisor Li Daokui yesterday said at the World Economic Forum in Tianjin that raising interest rates will help stabilize China's financial market.
"Investors still have worries that interest rates will be lifted to curb inflation, and the stock market will remain flat in the next few days," Central China Securities wrote in a research note.
Banks were among the losers. The Bank of China fell 0.9 percent to 3.30 yuan. China Merchants Bank dropped 1.8 percent to 13.12 yuan.
Brokerages fell, led by Haitong Securities Co, which tumbled 2.24 percent to 9.17 yuan after being penalized for failing to reveal trading information for a listed company it sponsored. CITIC Securities Co declined 2.01 percent to 11.21 yuan.
Gold miners gained as the price of the precious metal closed at a record high of US$1,271.70 an ounce on Tuesday.
Zijin Mining Co added 0.58 percent to 6.37 yuan.
The benchmark Shanghai Composite Index lost 1.34 percent, or 36 points, to close at 2,652.50, the first decline after three straight days of gains. Turnover was 138.5 billion yuan (US$20.55 billion), slightly lower than Tuesday's 141 billion yuan.
The market slumped after rumors spread that the government will raise the interest rate for savings by 0.27 percentage point while keeping loan rates stable.
Central bank advisor Li Daokui yesterday said at the World Economic Forum in Tianjin that raising interest rates will help stabilize China's financial market.
"Investors still have worries that interest rates will be lifted to curb inflation, and the stock market will remain flat in the next few days," Central China Securities wrote in a research note.
Banks were among the losers. The Bank of China fell 0.9 percent to 3.30 yuan. China Merchants Bank dropped 1.8 percent to 13.12 yuan.
Brokerages fell, led by Haitong Securities Co, which tumbled 2.24 percent to 9.17 yuan after being penalized for failing to reveal trading information for a listed company it sponsored. CITIC Securities Co declined 2.01 percent to 11.21 yuan.
Gold miners gained as the price of the precious metal closed at a record high of US$1,271.70 an ounce on Tuesday.
Zijin Mining Co added 0.58 percent to 6.37 yuan.
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