Index falls to lowest close in 3.5 months
By Staff Reporter |
February 2, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday plunged to its lowest close in 3.5 months on fears that tightening measures are in the pipeline as inflation risks are seen to increase.
The Shanghai Composite Index tumbled 1.6 percent, or 47.93 points, to close at 2,941.36. The gauge lost 8.8 percent in January. Turnover was 103.8 billion yuan (US$15.26 billion).
Media reports said banks extended a total of 1.6 trillion yuan in new loans in January, increasing concerns that more forceful measures were being planned to curb liquidity in the market.
Speaking at the World Economic Forum in Davos, Switzerland, Zhu Min, deputy governor of the People's Bank of China, reportedly said the central bank has measures to monitor the loan situation to ensure that the country's economy would not overheat.
"Shares were dragged down amid concerns over pending policies to tighten market liquidity and to curb rocketing housing prices," said He Xue, an analyst of Western Securities Co.
Commodity producers led the decline as the United States dollar firmed on expectations of an interest rate increase in the US, and pulling down raw material prices.
Aluminum Corp of China slumped 4.1 percent to 12.17 yuan, Yunnan Chihong Zinc and Germanium Co lost 4.8 percent to 21.05 yuan, and Yunnan Tin Co dived 6.9 percent to 22.04 yuan.
CITIC Securities Co dragged brokerages down after not being eligible to be part of a trial program for margin trading and short selling.
CITIC Securities fell 6.5 percent to 26.44 yuan, and Sinolink Securities Co shed 5 percent to 19.66 yuan.
The Shanghai Composite Index tumbled 1.6 percent, or 47.93 points, to close at 2,941.36. The gauge lost 8.8 percent in January. Turnover was 103.8 billion yuan (US$15.26 billion).
Media reports said banks extended a total of 1.6 trillion yuan in new loans in January, increasing concerns that more forceful measures were being planned to curb liquidity in the market.
Speaking at the World Economic Forum in Davos, Switzerland, Zhu Min, deputy governor of the People's Bank of China, reportedly said the central bank has measures to monitor the loan situation to ensure that the country's economy would not overheat.
"Shares were dragged down amid concerns over pending policies to tighten market liquidity and to curb rocketing housing prices," said He Xue, an analyst of Western Securities Co.
Commodity producers led the decline as the United States dollar firmed on expectations of an interest rate increase in the US, and pulling down raw material prices.
Aluminum Corp of China slumped 4.1 percent to 12.17 yuan, Yunnan Chihong Zinc and Germanium Co lost 4.8 percent to 21.05 yuan, and Yunnan Tin Co dived 6.9 percent to 22.04 yuan.
CITIC Securities Co dragged brokerages down after not being eligible to be part of a trial program for margin trading and short selling.
CITIC Securities fell 6.5 percent to 26.44 yuan, and Sinolink Securities Co shed 5 percent to 19.66 yuan.
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