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Market slips as central bank warns
By Ding Yining |
January 7, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S market dipped in the morning session after the central bank said yesterday it would curb volatility in lending and monitor the property market.
The benchmark Shanghai Composite Index was down 0.20 percent, or 6.41 points, to close at 3,247.80 points. Turnover was 78.6 billion yuan (US$11.5 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.39 percent to close at 1,198.59 points.
China's central bank will closely monitor the property market, curb loan volatility and manage inflationary expectations this year to ease credit risks as part of its main targets for 2010, it said yesterday.
The People's Bank of China will strictly implement its housing loan policies to ensure that funds in the real estate market will grow healthily, it said yesterday on its Website. The PBOC didn't disclose its target for growth in money supply and lending in the statement.
However, China Securities Journal reported today that new lending this year will be around 7.5 trillion yuan, citing an unidentified official. New loans in the first 11 months in 2009 reached 9.21 trillion yuan.
Banking shares remained flat. Shanghai Pudong Development Bank lost 0.72 percent to 20.78 yuan. China Construction Bank dipped 0.16 percent to close at 6.10 yuan. Bank of Communications was down 0.76 percent to 9.19 yuan.
Shanghai Shimao Co Ltd dropped 1.48 percent to 15.35 yuan. Shanghai AJ Corporation was down 0.71 percent to 11.26 yuan.
Metal producers showed mixed results. Zijin Mining Co edged up 0.72 percent to 9.75 yuan. Shandong Gold Mining Co dipped 0.15 percent to 79.29 yuan. Yunnan Copper Co rose 1.44 percent to 32.45 yuan.
Brokerages were among the gainers. Everbright Securities jumped 2.07 percent to 27.65 yuan. Citic Securities was up 0.34 percent to 32.55 yuan. Guoyuan Securities rose 1.01 percent to 21.97 yuan.
The benchmark Shanghai Composite Index was down 0.20 percent, or 6.41 points, to close at 3,247.80 points. Turnover was 78.6 billion yuan (US$11.5 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.39 percent to close at 1,198.59 points.
China's central bank will closely monitor the property market, curb loan volatility and manage inflationary expectations this year to ease credit risks as part of its main targets for 2010, it said yesterday.
The People's Bank of China will strictly implement its housing loan policies to ensure that funds in the real estate market will grow healthily, it said yesterday on its Website. The PBOC didn't disclose its target for growth in money supply and lending in the statement.
However, China Securities Journal reported today that new lending this year will be around 7.5 trillion yuan, citing an unidentified official. New loans in the first 11 months in 2009 reached 9.21 trillion yuan.
Banking shares remained flat. Shanghai Pudong Development Bank lost 0.72 percent to 20.78 yuan. China Construction Bank dipped 0.16 percent to close at 6.10 yuan. Bank of Communications was down 0.76 percent to 9.19 yuan.
Shanghai Shimao Co Ltd dropped 1.48 percent to 15.35 yuan. Shanghai AJ Corporation was down 0.71 percent to 11.26 yuan.
Metal producers showed mixed results. Zijin Mining Co edged up 0.72 percent to 9.75 yuan. Shandong Gold Mining Co dipped 0.15 percent to 79.29 yuan. Yunnan Copper Co rose 1.44 percent to 32.45 yuan.
Brokerages were among the gainers. Everbright Securities jumped 2.07 percent to 27.65 yuan. Citic Securities was up 0.34 percent to 32.55 yuan. Guoyuan Securities rose 1.01 percent to 21.97 yuan.
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