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Market continues sliding in morning trading
By Joyce Pan |
January 8, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index extended yesterday's loss in the morning session as markets feared the central bank could be getting ready to take more forceful measures to withdraw overflow of liquidity.
The benchmark Shanghai Composite Index dropped 0.86 percent, or 27.44 points, to close at 3,165.34 points. Turnover stood at 58.9 billion yuan(US$8.7 billion). Losers outnumbered gainers 558 to 281 while 41 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.58 percent to close at 1,173.11 points.
People's Bank of China yesterday raised the interest rate on its three-month bills for the first time since last August, intensifying concerns the central bank may raise benchmark lending rates to cool growth and fight inflation.
Commodity producers led the losers on lower commodity prices. Jiangxi Copper Co was down 3.6 percent to 39.80 yuan. Aluminum Corp of China lost 2.7 percent to 14.72 yuan. Yunnan Chihong Zinc & Germanium Co retreated 2.3 percent to 26.95 yuan.
China Shenhua Energy Co withdrew 1.9 percent to 33.72 yuan. Yanzhou Coal Mining Co tumbled 3.4 percent to 23.46 yuan. China Coal Energy Co edged down 1.4 percent to 13.53 yuan. Datong Coal Industry slid 2.8 percent to 44.99 yuan.
Lenders showed mixed performance. Bank of China dipped 0.5 percent to 4.19 yuan. China Merchants Bank eased 0.5 percent to 16.83 yuan and Shanghai Pudong Development Bank added 0.1 percent to 20.48 yuan.
The benchmark Shanghai Composite Index dropped 0.86 percent, or 27.44 points, to close at 3,165.34 points. Turnover stood at 58.9 billion yuan(US$8.7 billion). Losers outnumbered gainers 558 to 281 while 41 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.58 percent to close at 1,173.11 points.
People's Bank of China yesterday raised the interest rate on its three-month bills for the first time since last August, intensifying concerns the central bank may raise benchmark lending rates to cool growth and fight inflation.
Commodity producers led the losers on lower commodity prices. Jiangxi Copper Co was down 3.6 percent to 39.80 yuan. Aluminum Corp of China lost 2.7 percent to 14.72 yuan. Yunnan Chihong Zinc & Germanium Co retreated 2.3 percent to 26.95 yuan.
China Shenhua Energy Co withdrew 1.9 percent to 33.72 yuan. Yanzhou Coal Mining Co tumbled 3.4 percent to 23.46 yuan. China Coal Energy Co edged down 1.4 percent to 13.53 yuan. Datong Coal Industry slid 2.8 percent to 44.99 yuan.
Lenders showed mixed performance. Bank of China dipped 0.5 percent to 4.19 yuan. China Merchants Bank eased 0.5 percent to 16.83 yuan and Shanghai Pudong Development Bank added 0.1 percent to 20.48 yuan.
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