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Longest losing run since July for index
By Lydia Chen |
December 29, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for a fifth day, the longest losing streak since July, over concerns that more tightened monetary policies would be unveiled.
The Shanghai Composite Index declined 1.74 percent, or 48.41 points, to 2,732.99. Turnover shrank to 96.99 billion yuan (US$14.65 billion) from 123.39 billion yuan on Monday.
Developers led decliners on remarks by several senior officials that the Chinese government would keep its tough stance against inflation and asset bubbles. China announced on Christmas Day increases in the lending and deposit rates, the second time within two months, to tame inflation.
Poly Real Estate Group Co, China's second-biggest listed property developer, plunged 6.2 percent to 12.91 yuan. Gemdale Corp tumbled 5.4 percent to 6.15 yuan.
Central bank adviser Li Daokui told the 21st Century Business Herald that adjustments in rates and reserve requirements are "very necessary," especially in the first half of 2011.
The remarks echoed Hu Xiaolian, vice governor of the People's Bank of China, who said in a statement on the central bank's website that the government will explore new ways to manage excess cash, a major driver behind stubbornly high inflation that hit a 28-month record of 5.1 percent in November.
Commodity and energy shares also fell.
Yanzhou Coal Mining Co lost 3.02 percent to 27.26 yuan while Datong Coal Industry Co dropped 3.2 percent to close at 20.56 yuan.
The Shanghai Composite Index declined 1.74 percent, or 48.41 points, to 2,732.99. Turnover shrank to 96.99 billion yuan (US$14.65 billion) from 123.39 billion yuan on Monday.
Developers led decliners on remarks by several senior officials that the Chinese government would keep its tough stance against inflation and asset bubbles. China announced on Christmas Day increases in the lending and deposit rates, the second time within two months, to tame inflation.
Poly Real Estate Group Co, China's second-biggest listed property developer, plunged 6.2 percent to 12.91 yuan. Gemdale Corp tumbled 5.4 percent to 6.15 yuan.
Central bank adviser Li Daokui told the 21st Century Business Herald that adjustments in rates and reserve requirements are "very necessary," especially in the first half of 2011.
The remarks echoed Hu Xiaolian, vice governor of the People's Bank of China, who said in a statement on the central bank's website that the government will explore new ways to manage excess cash, a major driver behind stubbornly high inflation that hit a 28-month record of 5.1 percent in November.
Commodity and energy shares also fell.
Yanzhou Coal Mining Co lost 3.02 percent to 27.26 yuan while Datong Coal Industry Co dropped 3.2 percent to close at 20.56 yuan.
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