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Shanghai index hits 44-month low over central bank policy
By Ye Zhen |
September 26, 2012, Wednesday
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Online Edition
Online Edition
SHANGHAI stocks tumbled to the lowest level in 44 months amid concerns that China may hold off additional easing measures as the central bank said it will maintain a prudent monetary policy.
The key Shanghai Composite Index fell 1.24 percent to 2,004.17 points. The index earlier fell to as low as 1,999.48, the first time to fall below 2,000 since February 2009. Turnover was 38.4 billion yuan (US$6.1 billion) at the trading close.
"We will continue to implement the prudent monetary policy and make it more targeted, flexible and forward-looking, while fine-tuning it according to economic situation," the People's Bank of China said in a statement after its third-quarter monetary policy meeting.
Investors were upset that the central bank's cautious stance failed their expectation that China would join the world's major central banks in easing monetary policy, said Yi Wenbin, analyst at Huatai Securities.
Market also retreated ahead of the upcoming Mid-Autumn Festival and National Day holidays. "Investors are stepping back to avoid risks from the peripheral markets during the holiday as well as risks after the holiday when a batch of economic indicators for September and the third quarter will be released," said Zhang Jiuhui, analyst at Greatwall Securities.
Property developers lost after Guangzhou government said it will limit the pre-sale of some high-end housing projects. China Vanke, the nation's biggest developer, fell 1.5 percent to 7.79 yuan. Poly Real Estate, the second largest developer, skidded 1.4 percent to 10.03 yuan. Gemdale Corporation retreated 1.7 percent to 4.69 yuan.
Ship builders declined the most. CSSC Jiangnan Heavy Industry Co fell 7.5 percent to 14.38 yuan. China CSSC Holdings Limited shed 4.1 percent to 19.77 yuan. Asian Star Anchor Chain Co decreased 6.2 percent to 7.81 yuan.
The key Shanghai Composite Index fell 1.24 percent to 2,004.17 points. The index earlier fell to as low as 1,999.48, the first time to fall below 2,000 since February 2009. Turnover was 38.4 billion yuan (US$6.1 billion) at the trading close.
"We will continue to implement the prudent monetary policy and make it more targeted, flexible and forward-looking, while fine-tuning it according to economic situation," the People's Bank of China said in a statement after its third-quarter monetary policy meeting.
Investors were upset that the central bank's cautious stance failed their expectation that China would join the world's major central banks in easing monetary policy, said Yi Wenbin, analyst at Huatai Securities.
Market also retreated ahead of the upcoming Mid-Autumn Festival and National Day holidays. "Investors are stepping back to avoid risks from the peripheral markets during the holiday as well as risks after the holiday when a batch of economic indicators for September and the third quarter will be released," said Zhang Jiuhui, analyst at Greatwall Securities.
Property developers lost after Guangzhou government said it will limit the pre-sale of some high-end housing projects. China Vanke, the nation's biggest developer, fell 1.5 percent to 7.79 yuan. Poly Real Estate, the second largest developer, skidded 1.4 percent to 10.03 yuan. Gemdale Corporation retreated 1.7 percent to 4.69 yuan.
Ship builders declined the most. CSSC Jiangnan Heavy Industry Co fell 7.5 percent to 14.38 yuan. China CSSC Holdings Limited shed 4.1 percent to 19.77 yuan. Asian Star Anchor Chain Co decreased 6.2 percent to 7.81 yuan.
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