Key index falls 1.89% on liquidity concerns
By Ding Yining |
January 8, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S stocks posted the biggest daily percentage drop in two weeks yesterday on concerns of tighter liquidity in the market.
The benchmark Shanghai Composite Index dropped 1.89 percent, or 61.44 points, to close at 3,192.78. Turnover totaled 157.2 billion yuan (US$23 billion).
The People's Bank of China, the central bank, said on Wednesday its main targets for 2010 will include closely monitoring the property market, curbing loan volatility and managing inflationary expectations to ease credit risks.
The PBOC will also strictly insist that its housing loan policies be followed to ensure that the real estate market will grow healthily, it said in a statement on its Website. But it didn't disclose its target for growth in money supply and lending in the statement.
However, the China Securities Journal reported yesterday that new lending this year will be around 7.5 trillion yuan, citing an unidentified official. New loans in the first 11 months in 2009 reached 9.21 trillion yuan.
Bank shares fell. China Construction Bank lost 1.47 percent to 6.02 yuan and the Bank of Communications shed 3.46 percent to 8.94 yuan.
China Vanke, the country's second-largest property developer, slipped 0.77 percent to 10.28 yuan despite saying its property sales in 2009 rose 32.5 percent from a year earlier to 63.4 billion yuan.
The Shanghai Securities Journal also reported that regulators were conducting a probe of 25 property projects and their owners over alleged breaches of land use rules.
China National Chemical Engineering rose 5.89 percent to 5.75 yuan on its trading debut.
The benchmark Shanghai Composite Index dropped 1.89 percent, or 61.44 points, to close at 3,192.78. Turnover totaled 157.2 billion yuan (US$23 billion).
The People's Bank of China, the central bank, said on Wednesday its main targets for 2010 will include closely monitoring the property market, curbing loan volatility and managing inflationary expectations to ease credit risks.
The PBOC will also strictly insist that its housing loan policies be followed to ensure that the real estate market will grow healthily, it said in a statement on its Website. But it didn't disclose its target for growth in money supply and lending in the statement.
However, the China Securities Journal reported yesterday that new lending this year will be around 7.5 trillion yuan, citing an unidentified official. New loans in the first 11 months in 2009 reached 9.21 trillion yuan.
Bank shares fell. China Construction Bank lost 1.47 percent to 6.02 yuan and the Bank of Communications shed 3.46 percent to 8.94 yuan.
China Vanke, the country's second-largest property developer, slipped 0.77 percent to 10.28 yuan despite saying its property sales in 2009 rose 32.5 percent from a year earlier to 63.4 billion yuan.
The Shanghai Securities Journal also reported that regulators were conducting a probe of 25 property projects and their owners over alleged breaches of land use rules.
China National Chemical Engineering rose 5.89 percent to 5.75 yuan on its trading debut.
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