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Liquidity worries dent market in morning
By Ding Yining |
April 7, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S market closed lower in the morning session among concern there will be tighter liquidity as the government is watching closely on inflation levels to decide when to raise interest rates.
The benchmark Shanghai Composite Index was down 0.37 percent, or 11.58 points, to close at 3,147.10 points. Turnover was 66.8 billion yuan (US$9.8 billion). Losers outnumbered gainers 586 to 287, and 47 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.24 percent to close at 1,234.48 points.
"An interest rate rise is likely in the second quarter if China's monthly CPI gains more than 3 percent and inflation level will be the biggest factor in China's to decision to lift rates," China Securities Journal reported today, citing Li Daokui, a member of the central bank's monetary policy committee.
Li also added that China's GDP growth in the first quarter might climb above 11 percent and whole year growth rate will be around 9.5 percent, according to the report.
Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.20 percent to 4.99 yuan. Shanghai Pudong Development Bank lost 1.09 percent to 22.74 yuan. Industrial Bank lowered 0.92 percent to 36.68 yuan.
Metal producers showed mixed results. Zijin Gold Mining Co edged up 0.12 percent to 8.46 yuan. Jiangxi Copper lost 0.71 percent to 37.79 yuan. Yunnan Copper dropped 1.50 percent to 27.55 yuan. Aluminum Corporation of China Ltd was up 1.38 percent to 13.27 yuan.
Other resource shares were also weak. Petro China lost 0.23 percent to 12.95 yuan. Huaneng International Co, the country's largest electricity provider, lost 0.41 percent to 7.28 yuan. Huadian Power International Co was down 0.60 percent to 4.96 yuan.
Property shares continued yesterday's loss. China Vanke Co, the nation's largest listed real estate developer, said sales in March reached 6.31 billion yuan, up 2.8 percent from the same period last year. The stock was down 1.04 percent to 9.50 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.05 percent to 23.52 yuan. Poly Real Estate Group sank 2.23 percent to 20.21 yuan.
The benchmark Shanghai Composite Index was down 0.37 percent, or 11.58 points, to close at 3,147.10 points. Turnover was 66.8 billion yuan (US$9.8 billion). Losers outnumbered gainers 586 to 287, and 47 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.24 percent to close at 1,234.48 points.
"An interest rate rise is likely in the second quarter if China's monthly CPI gains more than 3 percent and inflation level will be the biggest factor in China's to decision to lift rates," China Securities Journal reported today, citing Li Daokui, a member of the central bank's monetary policy committee.
Li also added that China's GDP growth in the first quarter might climb above 11 percent and whole year growth rate will be around 9.5 percent, according to the report.
Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.20 percent to 4.99 yuan. Shanghai Pudong Development Bank lost 1.09 percent to 22.74 yuan. Industrial Bank lowered 0.92 percent to 36.68 yuan.
Metal producers showed mixed results. Zijin Gold Mining Co edged up 0.12 percent to 8.46 yuan. Jiangxi Copper lost 0.71 percent to 37.79 yuan. Yunnan Copper dropped 1.50 percent to 27.55 yuan. Aluminum Corporation of China Ltd was up 1.38 percent to 13.27 yuan.
Other resource shares were also weak. Petro China lost 0.23 percent to 12.95 yuan. Huaneng International Co, the country's largest electricity provider, lost 0.41 percent to 7.28 yuan. Huadian Power International Co was down 0.60 percent to 4.96 yuan.
Property shares continued yesterday's loss. China Vanke Co, the nation's largest listed real estate developer, said sales in March reached 6.31 billion yuan, up 2.8 percent from the same period last year. The stock was down 1.04 percent to 9.50 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.05 percent to 23.52 yuan. Poly Real Estate Group sank 2.23 percent to 20.21 yuan.
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