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Key index falls to lowest in more than 14 months
By Ding Yining |
September 27, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell to the lowest level in more than 14 months on investor concern that high inflation would hamper China's economic growth.
The Shanghai Composite Index slid 1.6 percent to end at 2,393.18 points, the lowest close since July 5, 2010.
Zhou Xiaochuan, governor of the People's Bank of China, commented at the International Monetary Fund in Washington over the weekend that the central bank has no "immediate" way to control inflation because it takes time for monetary policy to affect prices.
Although China's economic growth remains relatively strong, Zhou added that the country faces a rapid increase in consumer prices and huge inflows of capital, according to a statement on the central bank's website.
Financial counters fell. China Life Insurance Co dropped 3.8 percent to 14.91 yuan (US$2.33) while Ping An Insurance (Group) Co sank 9.6 percent to 34.37 yuan. Shanghai Pudong Development Bank lost 3.32 percent to 8.44 yuan.
Shenyin Wanguo Securities said in a note yesterday that investors were also reluctant to trade ahead of the week-long National Day holiday "as they're waiting for a potential shift in the macro-economic policies."
The Shanghai stock market will be closed from Saturday to October 9 for the National Day and will reopen on October 10.
Property developers also declined after tax officials from southwest China's Chongqing Municipality said the city will impose a property tax on existing villas from October 1.
Poly Real Estate Group, China's second-largest listed property developer, lost 4.3 percent to 9.10 yuan. Shanghai Shimao Co dropped 6.4 percent to 12.50 yuan.
The Shanghai Composite Index slid 1.6 percent to end at 2,393.18 points, the lowest close since July 5, 2010.
Zhou Xiaochuan, governor of the People's Bank of China, commented at the International Monetary Fund in Washington over the weekend that the central bank has no "immediate" way to control inflation because it takes time for monetary policy to affect prices.
Although China's economic growth remains relatively strong, Zhou added that the country faces a rapid increase in consumer prices and huge inflows of capital, according to a statement on the central bank's website.
Financial counters fell. China Life Insurance Co dropped 3.8 percent to 14.91 yuan (US$2.33) while Ping An Insurance (Group) Co sank 9.6 percent to 34.37 yuan. Shanghai Pudong Development Bank lost 3.32 percent to 8.44 yuan.
Shenyin Wanguo Securities said in a note yesterday that investors were also reluctant to trade ahead of the week-long National Day holiday "as they're waiting for a potential shift in the macro-economic policies."
The Shanghai stock market will be closed from Saturday to October 9 for the National Day and will reopen on October 10.
Property developers also declined after tax officials from southwest China's Chongqing Municipality said the city will impose a property tax on existing villas from October 1.
Poly Real Estate Group, China's second-largest listed property developer, lost 4.3 percent to 9.10 yuan. Shanghai Shimao Co dropped 6.4 percent to 12.50 yuan.
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