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Market ekes out small gain
By Feng Jianmin |
June 22, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was slightly up today, led by electricity grid builders. But tradings were thin because investors were jittering about inflation and a potential interest rate hike.
The benchmark Shanghai Composite Index edged up 0.11 percent to 2,649.32 points. Turnover fell to 65.3 billion yuan (US$10 billion) from yesterday's 71 billion yuan.
An "unidentified leader" of the price department of China's National Development and Reform Commission said that inflation in the next several months will be faster than May but is still "generally controllable," according to a report posted on the commission's website today.
"Inflation data will peak in June due to the legacy impact of fast inflation in last year," the official said. "But the government's measure to control price is taking effect."
Meanwhile, concerns over another interest rate hike picked up after the central bank raised interest rate for its one-year bill by 0.1 percentage point to 3.4 percent, 0.15 percentage point higher than the benchmark interest rate of one-year deposit.
The seven day repurchase rate, which measures borrowing cost among banks, hit 8.835 percent today. The rate more than doubled since the central bank ordered banks to put aside more money from lending last Tuesday, indicating shortage of money among financial institutions.
The cash shortage will worsen as banks are seeking to meet capital requirements by quarter-end, market watchers said.
Property developers fell after previous gains against the market. China Vanke fell 0.6 percent to 8.22 yuan. Gemdale Corp shed 1.8 percent to 6.14 yuan.
Builders of smart electricity grid rallied after Qian Zhimin, a senior official of the energy department of National Development and Reform Commission said that the country will support the development of smart grid during urbanization. NARI Technology Development Co rose 3 percent to 35.23 yuan. Dongfang Electronics Co jumped 5.8 percent to 6.19 yuan.
The benchmark Shanghai Composite Index edged up 0.11 percent to 2,649.32 points. Turnover fell to 65.3 billion yuan (US$10 billion) from yesterday's 71 billion yuan.
An "unidentified leader" of the price department of China's National Development and Reform Commission said that inflation in the next several months will be faster than May but is still "generally controllable," according to a report posted on the commission's website today.
"Inflation data will peak in June due to the legacy impact of fast inflation in last year," the official said. "But the government's measure to control price is taking effect."
Meanwhile, concerns over another interest rate hike picked up after the central bank raised interest rate for its one-year bill by 0.1 percentage point to 3.4 percent, 0.15 percentage point higher than the benchmark interest rate of one-year deposit.
The seven day repurchase rate, which measures borrowing cost among banks, hit 8.835 percent today. The rate more than doubled since the central bank ordered banks to put aside more money from lending last Tuesday, indicating shortage of money among financial institutions.
The cash shortage will worsen as banks are seeking to meet capital requirements by quarter-end, market watchers said.
Property developers fell after previous gains against the market. China Vanke fell 0.6 percent to 8.22 yuan. Gemdale Corp shed 1.8 percent to 6.14 yuan.
Builders of smart electricity grid rallied after Qian Zhimin, a senior official of the energy department of National Development and Reform Commission said that the country will support the development of smart grid during urbanization. NARI Technology Development Co rose 3 percent to 35.23 yuan. Dongfang Electronics Co jumped 5.8 percent to 6.19 yuan.
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