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Market falls on reserve rate increase
By Wang Yanlin |
May 4, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S market closed nearly 25 points lower in the morning session after a three-day respite for the Labor Day holiday, during which China asked banks to put aside more money from lending to curb asset bubble and economic overheating.
The benchmark Shanghai Composite Index lost 24.37 points, or 0.85 percent, to 2,846.27 in the morning. It touched a low of 2,809.13 soon after the trade started, but managed a rebound afterwards.
Shares of banks and property developers led the decline under the influence of the announcement to increase the reserve requirement rate.
The People's Bank of China, the central bank, said on Sunday that the reserve ratio -- the share of deposits a bank must set aside as reserves -- will increase 0.5 percentage point on yuan deposits starting next Monday.
Losers outnumbered gainers by 445 to 372 in the morning trading, while 51 remained unchanged. Turnover stood at 44.2 billion yuan (US$6.47 billion).
The benchmark Shanghai Composite Index lost 24.37 points, or 0.85 percent, to 2,846.27 in the morning. It touched a low of 2,809.13 soon after the trade started, but managed a rebound afterwards.
Shares of banks and property developers led the decline under the influence of the announcement to increase the reserve requirement rate.
The People's Bank of China, the central bank, said on Sunday that the reserve ratio -- the share of deposits a bank must set aside as reserves -- will increase 0.5 percentage point on yuan deposits starting next Monday.
Losers outnumbered gainers by 445 to 372 in the morning trading, while 51 remained unchanged. Turnover stood at 44.2 billion yuan (US$6.47 billion).
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