Related News
Shanghai index flat on news of further tightening
By Feng Jianmin |
May 13, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was slightly higher after the central bank yesterday evening announced a rise in reserve requirements for the fifth time this year.
The benchmark Shanghai Composite Index went up 0.06 percent, or 1.63 points, to close at 2,845.71 in the morning session. Turnover was 56 billion yuan (US$8.4 billion), slightly lower than yesterday morning's 57.1 billion yuan.
Banks have been told to make less money available for lending as China continues its tightening. The reserve requirements will rise by 0.5 percentage points from next Wednesday, the People's Bank of China said.
"The measure met our expectations," said Cai Jian, an analyst with Huatai United Securities. "It was aimed at offsetting the inflow of hot money."
Cai said that larger banks can offer more loans while the smaller ones are facing pressure of tighter liquidity.
Banks were mixed. Industrial and Commercial Bank of China rose 1.1 percent to 4.54 yuan. China Merchants Bank edged down 0.2 percent to 13.90 yuan.
Coal miners were up after coal prices rose for eight consecutive days. China Shenhua Energy Co rose 0.9 percent to 27.72 yuan. Datong Coal Industry Co went up 0.6 percent to 17.86 yuan.
Cement producers dropped. Henan Tongli Cement Co shed 4.2 percent to 15.04 yuan.
The benchmark Shanghai Composite Index went up 0.06 percent, or 1.63 points, to close at 2,845.71 in the morning session. Turnover was 56 billion yuan (US$8.4 billion), slightly lower than yesterday morning's 57.1 billion yuan.
Banks have been told to make less money available for lending as China continues its tightening. The reserve requirements will rise by 0.5 percentage points from next Wednesday, the People's Bank of China said.
"The measure met our expectations," said Cai Jian, an analyst with Huatai United Securities. "It was aimed at offsetting the inflow of hot money."
Cai said that larger banks can offer more loans while the smaller ones are facing pressure of tighter liquidity.
Banks were mixed. Industrial and Commercial Bank of China rose 1.1 percent to 4.54 yuan. China Merchants Bank edged down 0.2 percent to 13.90 yuan.
Coal miners were up after coal prices rose for eight consecutive days. China Shenhua Energy Co rose 0.9 percent to 27.72 yuan. Datong Coal Industry Co went up 0.6 percent to 17.86 yuan.
Cement producers dropped. Henan Tongli Cement Co shed 4.2 percent to 15.04 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
