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Key index dives 4% to 1-month low
By Feng Jianmin |
November 17, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index dropped 4 percent to a one-month low on investor concerns the government may use administrative measures to control product prices.
Their worries over tighter monetary policies were deepened after South Korea's central bank raised interest rates by 0.25 percentage point yesterday.
The Shanghai Composite Index tumbled by the sixth-largest daily decline this year to 2,894.5, the lowest since October 14. Turnover grew to 221.6 billion yuan (US$33.3 billion) from Monday's 197 billion yuan.
The gauge lost 8 percent in three trading days, the biggest loss for a three-day period since September 2009.
"Heavily loaded institutional investors are likely to dump their stock portfolio when facing uncertain policy changes in the short term," said Zhang Yidong, an analyst at Industrial Securities. "The market will choose its direction only after policies become clear."
Several Chinese government ministries decided to control prices through administrative measures to boost production and to curb inventory buildup, Shanghai Securities News reported yesterday.
Experts suggested the move could be used to control prices of commodities and agricultural products, the newspaper said.
China will auction 117,000 tons of aluminum from state reserves next Tuesday and Wednesday to boost supply, the National Development and Reform Commission said on its website yesterday.
Metal and coal producers led declines after commodity prices dropped. Datong Coal Industry Co tumbled 9.3 percent to 20.62 yuan. Jiangxi Copper Co dropped 8.7 percent to 36.32 yuan. Aluminum Corp of China lost 5 percent to 10.78 yuan.
Their worries over tighter monetary policies were deepened after South Korea's central bank raised interest rates by 0.25 percentage point yesterday.
The Shanghai Composite Index tumbled by the sixth-largest daily decline this year to 2,894.5, the lowest since October 14. Turnover grew to 221.6 billion yuan (US$33.3 billion) from Monday's 197 billion yuan.
The gauge lost 8 percent in three trading days, the biggest loss for a three-day period since September 2009.
"Heavily loaded institutional investors are likely to dump their stock portfolio when facing uncertain policy changes in the short term," said Zhang Yidong, an analyst at Industrial Securities. "The market will choose its direction only after policies become clear."
Several Chinese government ministries decided to control prices through administrative measures to boost production and to curb inventory buildup, Shanghai Securities News reported yesterday.
Experts suggested the move could be used to control prices of commodities and agricultural products, the newspaper said.
China will auction 117,000 tons of aluminum from state reserves next Tuesday and Wednesday to boost supply, the National Development and Reform Commission said on its website yesterday.
Metal and coal producers led declines after commodity prices dropped. Datong Coal Industry Co tumbled 9.3 percent to 20.62 yuan. Jiangxi Copper Co dropped 8.7 percent to 36.32 yuan. Aluminum Corp of China lost 5 percent to 10.78 yuan.
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