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Liquidity fears dampen Shanghai index
By Ding Yining |
January 7, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S market lowered nearly 2 percent today among tighter liquidity concerns.
The benchmark Shanghai Composite Index dropped 1.89 percent, or 61.44 points, to close at 3,192.78 points. Turnover was 157.2 billion yuan (US$23 billion). Losers outnumbered gainers 771 to 108, and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.93 percent to close at 1,179.99 points.
China's central bank will closely monitor the property market, curb loan volatility and manage inflationary expectations this year to ease credit risks as part of its main targets for 2010, it said yesterday.
The People's Bank of China will strictly implement its housing loan policies to ensure that funds in the real estate market will grow healthily, it said yesterday on its Website. The PBOC didn't disclose its target for growth in money supply and lending.
However, China Securities Journal reported today 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.
Banking shares remained flat. Shanghai Pudong Development Bank buckled 2.25 percent to 20.46 yuan. China Construction Bank lost 1.47 percent to close at 6.02 yuan. Bank of Communications retreated 3.46 percent to 8.94 yuan.
China Vanke Co, the country's largest listed real estate developer, lost 0.77 percent to 10.28 yuan. Shanghai Shimao Co Ltd dropped 1.86 percent to 15.29 yuan. Shanghai AJ Corporation fell 2.47 percent to 11.06 yuan.
"The index will remain in fluctuation as the market is still uncertain what macroeconomic policies will be in 2010," GF Securities' Wan Bing wrote in a research note.
Metal producers showed mixed results. Aluminum Corporation of China Ltd edged up 0.80 percent to 15.13 yuan. Zijin Mining Co lost 1.76 percent to 9.51 yuan. Shandong Gold Mining Co was down 1.55 percent to 78.18 yuan. Nanjing Yunhai Special Metals advanced 3.86 percent to 17.24 yuan.
The benchmark Shanghai Composite Index dropped 1.89 percent, or 61.44 points, to close at 3,192.78 points. Turnover was 157.2 billion yuan (US$23 billion). Losers outnumbered gainers 771 to 108, and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.93 percent to close at 1,179.99 points.
China's central bank will closely monitor the property market, curb loan volatility and manage inflationary expectations this year to ease credit risks as part of its main targets for 2010, it said yesterday.
The People's Bank of China will strictly implement its housing loan policies to ensure that funds in the real estate market will grow healthily, it said yesterday on its Website. The PBOC didn't disclose its target for growth in money supply and lending.
However, China Securities Journal reported today 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.
Banking shares remained flat. Shanghai Pudong Development Bank buckled 2.25 percent to 20.46 yuan. China Construction Bank lost 1.47 percent to close at 6.02 yuan. Bank of Communications retreated 3.46 percent to 8.94 yuan.
China Vanke Co, the country's largest listed real estate developer, lost 0.77 percent to 10.28 yuan. Shanghai Shimao Co Ltd dropped 1.86 percent to 15.29 yuan. Shanghai AJ Corporation fell 2.47 percent to 11.06 yuan.
"The index will remain in fluctuation as the market is still uncertain what macroeconomic policies will be in 2010," GF Securities' Wan Bing wrote in a research note.
Metal producers showed mixed results. Aluminum Corporation of China Ltd edged up 0.80 percent to 15.13 yuan. Zijin Mining Co lost 1.76 percent to 9.51 yuan. Shandong Gold Mining Co was down 1.55 percent to 78.18 yuan. Nanjing Yunhai Special Metals advanced 3.86 percent to 17.24 yuan.
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