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Market plunges as central bank lifts reserve ratio
By Ding Yining |
January 13, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S market plunged the most in seven weeks today with banking sectors and heavyweights retreating after the central bank lifted the reserve ratio, spurring fears of tightening liquidity.
The benchmark Shanghai Composite Index lost 3.09 percent, or 101.31 points, to close at 3,172.66 points. Turnover was 197.3 billion yuan (US$28.9 billion). Losers outnumbered gainers 634 to 244, and 36 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.60 percent to close at 1,193.73 points.
The People's Bank of China said today it will raise the reserve ratio, the amount of money a bank must deposit with the central bank, by 0.5 percentage points to 16 percent, starting from next Monday. Analysts and economists said this may signal a pending interest rate lift as well as a withdrawal from looser monetary policy in an effort to curb surging property prices.
The PBOC yesterday raised the returns on its 20-billion-yuan central bank one-year bills to 1.8434 percent, the first lift since August.
Shanghai Pudong Development Bank lost 3.89 percent to 19.99 yuan. China Construction Bank retreated 3.24 percent to close at 6 yuan. Bank of Communications buckled 3.40 percent to 8.80 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 2.43 percent to 10.04 yuan. Gemdale Corporation was down 4.26 percent to 12.80 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd retreated 3.79 percent to 23.86 yuan.
Brokerages were also flat. Sinolink Securities dropped 4.59 percent to 23.06 yuan and Haitong Securities buckled 5.12 percent to 18.17 yuan. Guoyuan Securities retreated 6.04 percent to 20.37 yuan. Changjiang Securities fell 6.26 percent to 19.02 yuan.
The benchmark Shanghai Composite Index lost 3.09 percent, or 101.31 points, to close at 3,172.66 points. Turnover was 197.3 billion yuan (US$28.9 billion). Losers outnumbered gainers 634 to 244, and 36 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 1.60 percent to close at 1,193.73 points.
The People's Bank of China said today it will raise the reserve ratio, the amount of money a bank must deposit with the central bank, by 0.5 percentage points to 16 percent, starting from next Monday. Analysts and economists said this may signal a pending interest rate lift as well as a withdrawal from looser monetary policy in an effort to curb surging property prices.
The PBOC yesterday raised the returns on its 20-billion-yuan central bank one-year bills to 1.8434 percent, the first lift since August.
Shanghai Pudong Development Bank lost 3.89 percent to 19.99 yuan. China Construction Bank retreated 3.24 percent to close at 6 yuan. Bank of Communications buckled 3.40 percent to 8.80 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 2.43 percent to 10.04 yuan. Gemdale Corporation was down 4.26 percent to 12.80 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd retreated 3.79 percent to 23.86 yuan.
Brokerages were also flat. Sinolink Securities dropped 4.59 percent to 23.06 yuan and Haitong Securities buckled 5.12 percent to 18.17 yuan. Guoyuan Securities retreated 6.04 percent to 20.37 yuan. Changjiang Securities fell 6.26 percent to 19.02 yuan.
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