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Shanghai shares drop after hike in banks' reserve
By Feng Jianmin |
November 22, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped as blue chips declined after China told banks to put aside more money from lending last Friday.
The benchmark Shanghai Composite Index edged down 0.15 percent, or 4.2 points, to close at 2,884.4 points. Turnover rose to 165.3 billion yuan (US$24.9 billion) from last Friday's 155.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 1.2 percent to 1,313.6 points.
The central bank announced last Friday that reserve requirement ratio for banks will be raised 0.5 percentage points next Monday, the second raise in a month.
Analysts expect that the country will raise interest rates by the end of this year.
Banks lead the decliners. Bank of China lost 1.2 percent to 3.28 yuan. China Construction Bank fell 2.3 percent to 4.67 yuan. China Merchants Bank went down 2.3 percent to 13.25 yuan.
Miners were weak. Jiangxi Copper Co fell 0.7 percent to 36.12 yuan. Aluminum Corp of China dipped 0.4 percent to 10.64 yaun. Datong Coal Industry Co lost 1.4 percent to 21.20 yuan.
The technology sector led the gainers after government officials said last week that the country may invest as much as 4 trillion yuan in the next 10 years to develop the internet of things.
Fujian Newland Computer Co jumped 5.9 percent to 22.25 yuan. Eastcompeace Smart Card Co grew 4.9 percent to 27.86 yuan. Xiamen Xindeco Co climbed 4.3 percent to 13.72 yuan.
The benchmark Shanghai Composite Index edged down 0.15 percent, or 4.2 points, to close at 2,884.4 points. Turnover rose to 165.3 billion yuan (US$24.9 billion) from last Friday's 155.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was up 1.2 percent to 1,313.6 points.
The central bank announced last Friday that reserve requirement ratio for banks will be raised 0.5 percentage points next Monday, the second raise in a month.
Analysts expect that the country will raise interest rates by the end of this year.
Banks lead the decliners. Bank of China lost 1.2 percent to 3.28 yuan. China Construction Bank fell 2.3 percent to 4.67 yuan. China Merchants Bank went down 2.3 percent to 13.25 yuan.
Miners were weak. Jiangxi Copper Co fell 0.7 percent to 36.12 yuan. Aluminum Corp of China dipped 0.4 percent to 10.64 yaun. Datong Coal Industry Co lost 1.4 percent to 21.20 yuan.
The technology sector led the gainers after government officials said last week that the country may invest as much as 4 trillion yuan in the next 10 years to develop the internet of things.
Fujian Newland Computer Co jumped 5.9 percent to 22.25 yuan. Eastcompeace Smart Card Co grew 4.9 percent to 27.86 yuan. Xiamen Xindeco Co climbed 4.3 percent to 13.72 yuan.
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