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Market drops after rising for 3 days
By Feng Jianmin |
September 15, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped after growing for 3 consecutive days on concerns that the government may raise interest rates against high inflation.
The benchmark Shanghai Composite Index lost 1.34 percent, or 36 points, to close at 2,652.5 points. Turnover was 138.5 billion yuan (US$20.55 billion), slightly lower than yesterday's 141 billion yuan.
The Shenzhen Composite Index went down 2.1 percent to 1,182.23 points.
The market slumped after midday on rumors that the government has approved to raise interest for savings by 0.27 percent while keeping loan interest stable.
Banks extended previous losses. Bank of China fell 0.9 percent to 3.30 yuan. Industrial and Commercial Bank of China dipped 0.25 percent to 4.03 yuan. China Merchants Bank dropped 1.8 percent to 13.12 yuan.
Brokerages lost after the Shenzhen bourse stepped up measures to investigate behavior of listed-companies and brokerages. Haitong Securities Co fell 2.24 percent to 9.17 yuan after receiving penalty for failing to reveal trading information for a listed-company it sponsored. China Merchants Securities Co lost 1.9 percent to 20.61 yuan. CITIC Securities Co went down 2.01 percent to 11.21 yuan.
Gold miners gained as bullion prices closed at historical high of US$1,271.7 per ounce. Zijin Mining Co added 0.58 percent to 6.37 yuan. Shandong Gold Mining Co rose 1.27 percent to 44.77 yuan.
Airlines outperformed on positive market outlook for holidays, and on speculation that strong yuan may reduce companies' operational cost. China Southern Airlines rose 0.75 percent to 8.05 yuan. China Eastern Airlines edged up 0.4 percent to 7.54 yuan. Air China lost 1.72 percent to 12.01 yuan.
The benchmark Shanghai Composite Index lost 1.34 percent, or 36 points, to close at 2,652.5 points. Turnover was 138.5 billion yuan (US$20.55 billion), slightly lower than yesterday's 141 billion yuan.
The Shenzhen Composite Index went down 2.1 percent to 1,182.23 points.
The market slumped after midday on rumors that the government has approved to raise interest for savings by 0.27 percent while keeping loan interest stable.
Banks extended previous losses. Bank of China fell 0.9 percent to 3.30 yuan. Industrial and Commercial Bank of China dipped 0.25 percent to 4.03 yuan. China Merchants Bank dropped 1.8 percent to 13.12 yuan.
Brokerages lost after the Shenzhen bourse stepped up measures to investigate behavior of listed-companies and brokerages. Haitong Securities Co fell 2.24 percent to 9.17 yuan after receiving penalty for failing to reveal trading information for a listed-company it sponsored. China Merchants Securities Co lost 1.9 percent to 20.61 yuan. CITIC Securities Co went down 2.01 percent to 11.21 yuan.
Gold miners gained as bullion prices closed at historical high of US$1,271.7 per ounce. Zijin Mining Co added 0.58 percent to 6.37 yuan. Shandong Gold Mining Co rose 1.27 percent to 44.77 yuan.
Airlines outperformed on positive market outlook for holidays, and on speculation that strong yuan may reduce companies' operational cost. China Southern Airlines rose 0.75 percent to 8.05 yuan. China Eastern Airlines edged up 0.4 percent to 7.54 yuan. Air China lost 1.72 percent to 12.01 yuan.
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