Rumors spook share investors
By Pan Xiaoyi |
March 26, 2010, Friday
|
Print Edition
Print Edition
RUMORS that a stamp duty will be imposed on buying shares and of a possible rise in bank reserve requirement ratio pulled Shanghai's key stock index to the lowest close in more than a week yesterday.
The Shanghai Composite Index declined 1.23 percent, or 37.63 points, to close at 3,019.18. Turnover rose slightly to 105.3 billion yuan (US$15.5 billion) from 103.5 billion yuan.
The market was spooked by rumors that a stamp tax will be levied again in mid April on stock purchases due to the launch of stock index futures. But Securities Times cited unnamed analysts as saying there was no direct link between the two issues and they did not see a change in the stamp tax policy.
Meanwhile, another rumor that the Chinese central bank would raise the bank reserve ratio this weekend also worried investors.
"Investors were cautious as it is far from clear whether the government will take further measures to avert an asset bubble," Hengji Investment wrote.
Shanghai Pudong Development Bank fell 1.9 percent to 21.61 yuan. The Bank of China lost 1.4 percent to 4.16 yuan, and the Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.2 percent to 4.87 yuan.
Shipping lines sank on concerns rising trade tensions between the United States and China will hurt exports.
Cosco Shipping Co, a unit of China's biggest shipper, slid 1.7 percent to 10.3 yuan and China Shipping Development Co dropped 1.5 percent to 12.62 yuan.
The Shanghai Composite Index declined 1.23 percent, or 37.63 points, to close at 3,019.18. Turnover rose slightly to 105.3 billion yuan (US$15.5 billion) from 103.5 billion yuan.
The market was spooked by rumors that a stamp tax will be levied again in mid April on stock purchases due to the launch of stock index futures. But Securities Times cited unnamed analysts as saying there was no direct link between the two issues and they did not see a change in the stamp tax policy.
Meanwhile, another rumor that the Chinese central bank would raise the bank reserve ratio this weekend also worried investors.
"Investors were cautious as it is far from clear whether the government will take further measures to avert an asset bubble," Hengji Investment wrote.
Shanghai Pudong Development Bank fell 1.9 percent to 21.61 yuan. The Bank of China lost 1.4 percent to 4.16 yuan, and the Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.2 percent to 4.87 yuan.
Shipping lines sank on concerns rising trade tensions between the United States and China will hurt exports.
Cosco Shipping Co, a unit of China's biggest shipper, slid 1.7 percent to 10.3 yuan and China Shipping Development Co dropped 1.5 percent to 12.62 yuan.
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