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Market turns weak amid rate hike concern
By Lydia Chen |
June 29, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock index declined in the morning session as investors sold shares in cement and non-ferrous metal sectors following yesterday's rally.
Banks remained weak as market analysts said China may raise interest rates soon.
The Shanghai Composite Index was down 0.43 percent to 2,747.38. Turnover shrank to 49.61 billion yuan (US$7.7 billion).
Cement makers reversed yesterday's rally and became the biggest drags in the morning trading. Anhui Conch Cement Co lost 2.3 percent to 27.15 yuan. Xinjiang Qingsong Building Materials and Chemicals Group Co declined 3.97 percent to 20.78 yuan.
China's central bank auctioned 2 billion yuan of one-year bills in its open market operations yesterday at a yield of 3.4982 percent, up 9.63 basis points from last week.
The rate was 24.82 basis points higher than China's one-year deposit rate, which raises speculation that the central bank may raise its interest rate for the third time this year soon.
Industrial & Commercial Bank of China shed 1.11 percent to 4.45 yuan. Bank of China lost 0.94 percent to 3.16 yuan.
Banks remained weak as market analysts said China may raise interest rates soon.
The Shanghai Composite Index was down 0.43 percent to 2,747.38. Turnover shrank to 49.61 billion yuan (US$7.7 billion).
Cement makers reversed yesterday's rally and became the biggest drags in the morning trading. Anhui Conch Cement Co lost 2.3 percent to 27.15 yuan. Xinjiang Qingsong Building Materials and Chemicals Group Co declined 3.97 percent to 20.78 yuan.
China's central bank auctioned 2 billion yuan of one-year bills in its open market operations yesterday at a yield of 3.4982 percent, up 9.63 basis points from last week.
The rate was 24.82 basis points higher than China's one-year deposit rate, which raises speculation that the central bank may raise its interest rate for the third time this year soon.
Industrial & Commercial Bank of China shed 1.11 percent to 4.45 yuan. Bank of China lost 0.94 percent to 3.16 yuan.
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