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Shanghai index down on rate concern and Japan market
By Feng Jianmin |
March 15, 2011, Tuesday
|
Online Edition
Online Edition
Shanghai's key stock index dropped to the lowest in two weeks on concerns about another interest rate hike and that Japan's reconstruction may be slowed down by a shortage of power.
The Shanghai Composite Index was down 1.41 percent to 2,896.26. Turnover rose to to 187.6 billion yuan (US$33.6 billion) from yesterday's 152.5 billion yuan.
China's central bank issued 10 billion yuan's one-year bill today at the interest rate of 3.2 percent, 0.2 percentage point higher than last week. The rate is also higher than the current benchmark one-year deposit rate of 3 percent.
Analysts expect that the central bank would soon raise interest rates to control liquidity.
Meanwhile, Japan's benchmark Nikkei 225 Index tumbled 10 percent today after a third explosion at Fukushima Daiichi nuclear plant this morning. The nuclear plant previously provided 6 percent of Japan's electric power.
Cement producers led the decliners after yesterday's rally. Henan Tongli Cement Co dropped 5.7 percent to 16.69 yuan. Fujian Cement Inc shed 3 percent to 9.79 yuan.
Coal miners also dropped on concerns that recent gains in the sector may be excessive. Anhui Hengyuan Coal Industry and Electricity Power Co tumbled by the daily limit of 10 percent to 45.95 yuan. Yanzhou Coal Mining Co lost 5 percent to 30.05 yuan.
Drug makers outperformed on speculation that demand may rise on fear for radiation leakage. Merro Pharmaceutical Co jumped by daily limit of 10 percent to 18.74 yuan.
The Shanghai Composite Index was down 1.41 percent to 2,896.26. Turnover rose to to 187.6 billion yuan (US$33.6 billion) from yesterday's 152.5 billion yuan.
China's central bank issued 10 billion yuan's one-year bill today at the interest rate of 3.2 percent, 0.2 percentage point higher than last week. The rate is also higher than the current benchmark one-year deposit rate of 3 percent.
Analysts expect that the central bank would soon raise interest rates to control liquidity.
Meanwhile, Japan's benchmark Nikkei 225 Index tumbled 10 percent today after a third explosion at Fukushima Daiichi nuclear plant this morning. The nuclear plant previously provided 6 percent of Japan's electric power.
Cement producers led the decliners after yesterday's rally. Henan Tongli Cement Co dropped 5.7 percent to 16.69 yuan. Fujian Cement Inc shed 3 percent to 9.79 yuan.
Coal miners also dropped on concerns that recent gains in the sector may be excessive. Anhui Hengyuan Coal Industry and Electricity Power Co tumbled by the daily limit of 10 percent to 45.95 yuan. Yanzhou Coal Mining Co lost 5 percent to 30.05 yuan.
Drug makers outperformed on speculation that demand may rise on fear for radiation leakage. Merro Pharmaceutical Co jumped by daily limit of 10 percent to 18.74 yuan.
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