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Index plunges on fears of US rate rise
By Joyce Pan |
February 1, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock plunged nearly 2 percent today to close at the lowest since October on fears that the stronger US dollar may trigger a capital exodus from emerging markets.
The benchmark Shanghai Composite Index tumbled 1.6 percent, or 47.93 points, to close at 2,912.89 points. Turnover stood at 103.8 billion yuan (US$15.26 billion) yuan. Losers outnumbered gainers 590 to 295 and three shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.58 percent to close at 1,102.69 points.
"As the expectations on a rise in the US interest rate is strengthening, capital may flow out of emerging markets, posing risks to these countries' economies," warned Zhu Min, deputy governor of the People's Bank of China, at the World Economic Forum in Davos.
Also, Reuters reported Zhu as saying China's central bank has prepared more measures to ensure a proper amount of bank loans to avoid overheating in the country's economy.
The US dollar is getting strong on the expectation of an interest rate increase, pulling down commodity prices. Commodity producers led the decliners on plunging prices.
PetroChina, the biggest component of the index, slid 1.9 percent to 12.83 yuan. Sinopec, Asia's largest oil refiner, eased 2.5 percent to 11.14 yuan.
Aluminum Corp of China slumped 4.1 percent to 12.17 yuan. Yunnan Chihong Zinc&Germanium Co, withdrew 4.8 percent to 21.05 yuan. Yunnan Tin Co dived 6.9 percent to 22.04 yuan.
Sinolink Securities Co shed 5 percent to 19.66 yuan. CITIC Securities Co declined 6.5 percent to 26.44 yuan. Haitong Securities Co lost 2.6 percent to 16.55 yuan.
The benchmark Shanghai Composite Index tumbled 1.6 percent, or 47.93 points, to close at 2,912.89 points. Turnover stood at 103.8 billion yuan (US$15.26 billion) yuan. Losers outnumbered gainers 590 to 295 and three shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.58 percent to close at 1,102.69 points.
"As the expectations on a rise in the US interest rate is strengthening, capital may flow out of emerging markets, posing risks to these countries' economies," warned Zhu Min, deputy governor of the People's Bank of China, at the World Economic Forum in Davos.
Also, Reuters reported Zhu as saying China's central bank has prepared more measures to ensure a proper amount of bank loans to avoid overheating in the country's economy.
The US dollar is getting strong on the expectation of an interest rate increase, pulling down commodity prices. Commodity producers led the decliners on plunging prices.
PetroChina, the biggest component of the index, slid 1.9 percent to 12.83 yuan. Sinopec, Asia's largest oil refiner, eased 2.5 percent to 11.14 yuan.
Aluminum Corp of China slumped 4.1 percent to 12.17 yuan. Yunnan Chihong Zinc&Germanium Co, withdrew 4.8 percent to 21.05 yuan. Yunnan Tin Co dived 6.9 percent to 22.04 yuan.
Sinolink Securities Co shed 5 percent to 19.66 yuan. CITIC Securities Co declined 6.5 percent to 26.44 yuan. Haitong Securities Co lost 2.6 percent to 16.55 yuan.
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