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Shanghai index dips on liquidity concern
By Feng Jianmin |
March 3, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell most in a week on concerns that the central government may order banks to put aside more money from lending shortly to combat inflation.
The benchmark Shanghai Composite Index fell 0.37 percent to 2902.98. Turnover rose to 179.8 billion yuan (US$27.3 billion) from yesterday's 165 billion yuan.
China Securities Journal reported that the central bank will soon raise requirement reserve ratio after January inflow of foreign capital exceeded expectations.
"The central bank could not sell its bills effectively because commercial banks demand higher yields," said Huang Lijun, a Hongyuan Securities analyst. "It's essential to raise the ratio as quickly as possible."
Metal producers led the decliners. Jiangxi Copper Co dropped 2.6 percent to 39.82 yuan. Shandong Gold Mining Group Co lost 3.3 percent to 49.55 yuan.
Auto makers outperformed after the State Council proposed yesterday to raise personal income tax threshold and adjust tax rates and categories to ease the economic burden of people with low to middle income.
Anhui Jianghuai Automobile Co jumped 4 percent to 13.73 yuan. Beiqi Foton Motor Co rose 2.1 percent to 23.10 yuan.
The benchmark Shanghai Composite Index fell 0.37 percent to 2902.98. Turnover rose to 179.8 billion yuan (US$27.3 billion) from yesterday's 165 billion yuan.
China Securities Journal reported that the central bank will soon raise requirement reserve ratio after January inflow of foreign capital exceeded expectations.
"The central bank could not sell its bills effectively because commercial banks demand higher yields," said Huang Lijun, a Hongyuan Securities analyst. "It's essential to raise the ratio as quickly as possible."
Metal producers led the decliners. Jiangxi Copper Co dropped 2.6 percent to 39.82 yuan. Shandong Gold Mining Group Co lost 3.3 percent to 49.55 yuan.
Auto makers outperformed after the State Council proposed yesterday to raise personal income tax threshold and adjust tax rates and categories to ease the economic burden of people with low to middle income.
Anhui Jianghuai Automobile Co jumped 4 percent to 13.73 yuan. Beiqi Foton Motor Co rose 2.1 percent to 23.10 yuan.
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