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Shanghai index drops to seven-week low
By Feng Jianmin |
November 23, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index dropped to the lowest in seven weeks on concerns that the government may curb lending to control liquidity. Miners and property developers led the decliners.
The benchmark Shanghai Composite Index lost 2 percent, or 56 points, to close at 2,828.28 points. Turnover fell to 148 billion yuan (US$22.3 billion) from yesterday's 165.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was down 1 percent to 1,300.6 points.
Media reported that lending in first three weeks this month has exceeded that of the whole month of October, and the quota this year has almost been used up by now, adding to concerns that the central bank may step up measures to rein in lending.
Banks were weak. Agricultural Bank of China went down 1.1 percent to 2.62 yuan. China Construction Bank lost 1.5 percent to 4.60 yuan. China Merchants Bank fell 1 percent to 13.11 yuan.
Miners declined as metal futures on Shanghai and overseas markets continued to decline. Investors were worried that China's measures to curb inflation may hurt economic growth, and that demand in Europe may decrease on governments' tightening budgets.
Declines of future prices on the Shanghai market also indicates an ebbing of liquidity, market watchers said.
Jiangxi Copper Co fell 5.3 percent to 34.19 yuan. Aluminum Corp of China lost 4.1 percent to 10.20 yaun. Datong Coal Industry Co fell 1.3 percent to 20.92 yuan.
The property sector extended previous losses after property developers listed on the Hong Kong bourse tumbled after the Hong Kong government last week raised stamp tax rates to curb speculation.
China Vanke fell 2.1 percent to 7.92 yuan. Gemdale Corp lost 1.9 percent to 5.84 yuan. Poly Real Estate Co shed 2.6 percent to 11.93 yuan.
Tourist companies gained. Xi'an Catering Co jumped 7.4 percent to 12.62 yuan. Yunnan Tourism Co surged a daily limit of 10 percent to 10.41 yuan.
The benchmark Shanghai Composite Index lost 2 percent, or 56 points, to close at 2,828.28 points. Turnover fell to 148 billion yuan (US$22.3 billion) from yesterday's 165.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was down 1 percent to 1,300.6 points.
Media reported that lending in first three weeks this month has exceeded that of the whole month of October, and the quota this year has almost been used up by now, adding to concerns that the central bank may step up measures to rein in lending.
Banks were weak. Agricultural Bank of China went down 1.1 percent to 2.62 yuan. China Construction Bank lost 1.5 percent to 4.60 yuan. China Merchants Bank fell 1 percent to 13.11 yuan.
Miners declined as metal futures on Shanghai and overseas markets continued to decline. Investors were worried that China's measures to curb inflation may hurt economic growth, and that demand in Europe may decrease on governments' tightening budgets.
Declines of future prices on the Shanghai market also indicates an ebbing of liquidity, market watchers said.
Jiangxi Copper Co fell 5.3 percent to 34.19 yuan. Aluminum Corp of China lost 4.1 percent to 10.20 yaun. Datong Coal Industry Co fell 1.3 percent to 20.92 yuan.
The property sector extended previous losses after property developers listed on the Hong Kong bourse tumbled after the Hong Kong government last week raised stamp tax rates to curb speculation.
China Vanke fell 2.1 percent to 7.92 yuan. Gemdale Corp lost 1.9 percent to 5.84 yuan. Poly Real Estate Co shed 2.6 percent to 11.93 yuan.
Tourist companies gained. Xi'an Catering Co jumped 7.4 percent to 12.62 yuan. Yunnan Tourism Co surged a daily limit of 10 percent to 10.41 yuan.
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