Key index ends almost flat in 1st trading week
By Pan Xiaoyi |
January 9, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed almost flat yesterday, sending the gauge to a weekly loss of 2.48 percent in the first trading week of this year, as markets feared the Chinese central bank could be planning to impose more forceful measures to curb the overflow of liquidity.
The Shanghai Composite Index added 0.1 percent, or 3.22 points, to close at 3,196. Turnover shrank to 121.7 billion yuan (US$17.9 billion) from 157.2 billion yuan on Thursday.
The People's Bank of China has raised interest rate on its three-month bills for the first time in five months, giving rise to concerns that it may increase benchmark lending rates to cool growth and battle inflation.
"The key index failed to conquer the 3,300 points this week and was sluggish as a result of accelerated new share sales and signs that China has moved to tighten liquidity gradually," said Chen Jian, a United Securities Co analyst.
Consumer-related shares led gainers after the first three consumer credit firms gained regulatory approval to start business in six months as the government bids to boost domestic consumption as a driver for the economy.
Sichuan Changhong Electric Co jumped 2.6 percent to 6.42 yuan, and Shanghai Bailian Group Co added 2.7 percent to 18.14 yuan.
The Shanghai Composite Index added 0.1 percent, or 3.22 points, to close at 3,196. Turnover shrank to 121.7 billion yuan (US$17.9 billion) from 157.2 billion yuan on Thursday.
The People's Bank of China has raised interest rate on its three-month bills for the first time in five months, giving rise to concerns that it may increase benchmark lending rates to cool growth and battle inflation.
"The key index failed to conquer the 3,300 points this week and was sluggish as a result of accelerated new share sales and signs that China has moved to tighten liquidity gradually," said Chen Jian, a United Securities Co analyst.
Consumer-related shares led gainers after the first three consumer credit firms gained regulatory approval to start business in six months as the government bids to boost domestic consumption as a driver for the economy.
Sichuan Changhong Electric Co jumped 2.6 percent to 6.42 yuan, and Shanghai Bailian Group Co added 2.7 percent to 18.14 yuan.
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