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Rate rise worries dampen key index
By Feng Jianmin |
December 17, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged down yesterday amid renewed worries over an interest rate increase. Gains made by property developers and liquor makers were overshadowed by losses of metal producers.
The Shanghai Composite Index lost 0.46 percent, or 13.27 points, to 2,898.14. Turnover dropped to 110.9 billion yuan (US$16.7 billion) from Wednesday's 143.4 billion yuan.
The People's Bank of China issued 1 billion three-month bills yesterday, the least amount in three years and 80 percent less than last week. Analysts said the central bank may raise the requirement reserve ratio again to drain liquidity from markets.
"A shrinking turnover indicated investors are cautious over whether the central bank will take action this weekend," said Sinolink Securities in a note.
Bank of China slid 0.6 percent to 3.28 yuan. China Construction Bank lost 0.6 percent to 4.74 yuan.
Metal producers continued to drop. Zijin Minging Group Co, China's largest gold miner, fell 2.3 percent to 8.46 yuan. Jiangxi Copper Co lost 2.5 percent to 39.83 yuan. Aluminum Corp of China shed 1.4 percent to 10.24 yuan.
Poly Real Estate Co added 1.2 percent to 12.53 yuan and Gemdale Corp grew 1 percent to 5.98 yuan.
Kweichow Moutai jumped 3.1 percent to 206.98 yuan. Wuliangye Yibin Co increased 1.6 percent to close at 38.60 yuan.
The Shanghai Composite Index lost 0.46 percent, or 13.27 points, to 2,898.14. Turnover dropped to 110.9 billion yuan (US$16.7 billion) from Wednesday's 143.4 billion yuan.
The People's Bank of China issued 1 billion three-month bills yesterday, the least amount in three years and 80 percent less than last week. Analysts said the central bank may raise the requirement reserve ratio again to drain liquidity from markets.
"A shrinking turnover indicated investors are cautious over whether the central bank will take action this weekend," said Sinolink Securities in a note.
Bank of China slid 0.6 percent to 3.28 yuan. China Construction Bank lost 0.6 percent to 4.74 yuan.
Metal producers continued to drop. Zijin Minging Group Co, China's largest gold miner, fell 2.3 percent to 8.46 yuan. Jiangxi Copper Co lost 2.5 percent to 39.83 yuan. Aluminum Corp of China shed 1.4 percent to 10.24 yuan.
Poly Real Estate Co added 1.2 percent to 12.53 yuan and Gemdale Corp grew 1 percent to 5.98 yuan.
Kweichow Moutai jumped 3.1 percent to 206.98 yuan. Wuliangye Yibin Co increased 1.6 percent to close at 38.60 yuan.
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