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Shanghai index slumps 5.16%, steepest in 14 months
By Ding Yining |
November 12, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index plunged the most in 14 months to end below 3,000 points. Commodity and financial shares slumped among concern the government may step up measures to curb surging consumer prices.
The benchmark Shanghai Composite Index tumbled 5.16 percent, or 162.31 points, to close at 2,985.43 points. Turnover was 298 billion yuan(US$45 billion). A total of 844 shares fell while only 37 added and 39 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 6.12 percent at 1,296.95 points.
Media reports say some lenders may have to increase their reserve ratio by an additional 50 basis points starting from next Monday, after the central bank ordered a 50 basis points rate hike on Wednesday to drain liquidity.
Industrial Bank slumped 6.45 percent to 25.81 yuan. Everbright Bank dropped 8.46 percent to 4.33 yuan. China Life Insurance Co lowered 5.30 percent to 24.31 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was down 1.89 percent to 4.68 yuan.
Commodity shares also retreated from earlier gains. Zijin Mining fell fell 7.75 percent to 9.52 yuan. Shandong Gold Mining Co dropped 5.29 percent to 60.84 yuan. Jiangxi Copper lowered 8.85 percent to 41.32 yuan.
China's housing ministry and foreign exchange regulator have issued rules that will limit foreigners to buying one residential property for self use, the Securities Times reported today, citing unidentified sources.
The property sector also dragged down the index among investors' concern that the government clampdown on property speculation will continue. China Vanke Co, the nation's largest listed property developer, dived 7.09 percent to 8.53 yuan. Shanghai AJ Corporation plunged 8.14 percent to 10.04 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd slid 8.17 percent to 19.44 yuan.
The benchmark Shanghai Composite Index tumbled 5.16 percent, or 162.31 points, to close at 2,985.43 points. Turnover was 298 billion yuan(US$45 billion). A total of 844 shares fell while only 37 added and 39 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 6.12 percent at 1,296.95 points.
Media reports say some lenders may have to increase their reserve ratio by an additional 50 basis points starting from next Monday, after the central bank ordered a 50 basis points rate hike on Wednesday to drain liquidity.
Industrial Bank slumped 6.45 percent to 25.81 yuan. Everbright Bank dropped 8.46 percent to 4.33 yuan. China Life Insurance Co lowered 5.30 percent to 24.31 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was down 1.89 percent to 4.68 yuan.
Commodity shares also retreated from earlier gains. Zijin Mining fell fell 7.75 percent to 9.52 yuan. Shandong Gold Mining Co dropped 5.29 percent to 60.84 yuan. Jiangxi Copper lowered 8.85 percent to 41.32 yuan.
China's housing ministry and foreign exchange regulator have issued rules that will limit foreigners to buying one residential property for self use, the Securities Times reported today, citing unidentified sources.
The property sector also dragged down the index among investors' concern that the government clampdown on property speculation will continue. China Vanke Co, the nation's largest listed property developer, dived 7.09 percent to 8.53 yuan. Shanghai AJ Corporation plunged 8.14 percent to 10.04 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd slid 8.17 percent to 19.44 yuan.
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