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Rate concern spooks Shanghai shares
By Lydia Chen |
June 2, 2011, Thursday
|
Online Edition
Online Edition
CROSS-BOARD tumble pulled Shanghai market down this morning, with a nearly 2 percent decline amid speculations that China may raise interest rates in the upcoming Dragon Boat Festival holiday.
The Shanghai Composite Index lost 1.96 percent to 2,689.66. Turnover rose to 52.53 billion yuan (US$8.11 billion).
Many analysts expected that China is likely to raise interest rates for a third time this year during the three-day festival between Saturday and Monday.
Banks were one of the plays that weighed on the market in the morning session due to the speculation.
Industrial & Commercial Bank of China, the country's biggest lender, skipped 1.34 percent to 4.42 yuan.
Real estate followed the downward trend. Poly Real Estate Co erased 3.33 percent to 9.01 yuan.
But steel and gold producers outperformed the market this morning. Guangfa Securities Co said in a report that China's ongoing power shortage will pose little threat to the country's steel output.
Inner Mongolia Baotou Steel Union Co jumped 9.62 percent to 7.41 yuan.
Gold rose to four-week high yesterday in New York as dollar slumped while US equities also declined, which boosted demands for the precious metal as an alternative asset.
Zhongjin Gold rose 0.49 percent to 32.85 yuan.
The Shanghai Composite Index lost 1.96 percent to 2,689.66. Turnover rose to 52.53 billion yuan (US$8.11 billion).
Many analysts expected that China is likely to raise interest rates for a third time this year during the three-day festival between Saturday and Monday.
Banks were one of the plays that weighed on the market in the morning session due to the speculation.
Industrial & Commercial Bank of China, the country's biggest lender, skipped 1.34 percent to 4.42 yuan.
Real estate followed the downward trend. Poly Real Estate Co erased 3.33 percent to 9.01 yuan.
But steel and gold producers outperformed the market this morning. Guangfa Securities Co said in a report that China's ongoing power shortage will pose little threat to the country's steel output.
Inner Mongolia Baotou Steel Union Co jumped 9.62 percent to 7.41 yuan.
Gold rose to four-week high yesterday in New York as dollar slumped while US equities also declined, which boosted demands for the precious metal as an alternative asset.
Zhongjin Gold rose 0.49 percent to 32.85 yuan.
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