Related News
Shanghai shares drop as new loans dip
By Joyce Pan |
April 13, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower in the morning session after new yuan loans fell for the second month in March amid the government's efforts to curt the risks of overheating.
The People's Bank of China said yesterday the nation's banks extended 510.7 billion yuan (US$74.82 billion) in yuan-backed loans last month, missing market expectations of 700-plus billion yuan.
The growth in M2, the broadest measure of money supply including cash and deposits, slowed down to 22.5 percent in March, marking China's tough stance on tightening its monetary policy.
The benchmark Shanghai Composite Index was down 0.42 percent, or 13.29 points, to close at 3,115.97 points. Turnover stood at 110.6 billion yuan (US$16.3 billion). Losers outnumbered gainers 790 to 97, and 7 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.89 percent to close at 1,216.49 points.
Property shares led the decliners. Poly Real Estate Group was off 0.5 percent to 18.67 yuan. China Enterprise Co fell 1.1 percent to 13.25 yuan.
Financial shares advanced on speculations the launch of stock index futures on Friday will further boost the demand for financial blue chips, which already benefited from the margin trading and short selling business.
The transaction value of these two new investment tools has exceeded 70 million yuan as of last week, with Industrial & Commercial Bank of China attracting investment of 10 million yuan, according to the local two bourses.
Industrial & Commercial Bank of China, the nation's biggest lender, gained 0.6 percent to 4.95 yuan. Shanghai Pudong Development Bank climbed 1.1 percent to 22.67 yuan. Industrial Bank added 1.1 percent to 34.46 yuan.
Ping An Insurance Group Co increased 2.6 percent to 51.2 yuan after saying its written premiums at its four units amounted to 67.5 billion yuan for the first quarter. China Life Insurance Co, the nation's biggest insurer, rose 3.2 percent to 28.99 yuan and China Pacific Insurance (Group) Co hiked 5.5 percent to 27.78 yuan.
The People's Bank of China said yesterday the nation's banks extended 510.7 billion yuan (US$74.82 billion) in yuan-backed loans last month, missing market expectations of 700-plus billion yuan.
The growth in M2, the broadest measure of money supply including cash and deposits, slowed down to 22.5 percent in March, marking China's tough stance on tightening its monetary policy.
The benchmark Shanghai Composite Index was down 0.42 percent, or 13.29 points, to close at 3,115.97 points. Turnover stood at 110.6 billion yuan (US$16.3 billion). Losers outnumbered gainers 790 to 97, and 7 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.89 percent to close at 1,216.49 points.
Property shares led the decliners. Poly Real Estate Group was off 0.5 percent to 18.67 yuan. China Enterprise Co fell 1.1 percent to 13.25 yuan.
Financial shares advanced on speculations the launch of stock index futures on Friday will further boost the demand for financial blue chips, which already benefited from the margin trading and short selling business.
The transaction value of these two new investment tools has exceeded 70 million yuan as of last week, with Industrial & Commercial Bank of China attracting investment of 10 million yuan, according to the local two bourses.
Industrial & Commercial Bank of China, the nation's biggest lender, gained 0.6 percent to 4.95 yuan. Shanghai Pudong Development Bank climbed 1.1 percent to 22.67 yuan. Industrial Bank added 1.1 percent to 34.46 yuan.
Ping An Insurance Group Co increased 2.6 percent to 51.2 yuan after saying its written premiums at its four units amounted to 67.5 billion yuan for the first quarter. China Life Insurance Co, the nation's biggest insurer, rose 3.2 percent to 28.99 yuan and China Pacific Insurance (Group) Co hiked 5.5 percent to 27.78 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
