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Shanghai shares drop on concerns about policy tightening
By Feng Jianmin |
January 20, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session on fears for tighter monetary policies after statistics showed stronger-than-expected economic growth in the last quarter of 2010.
The benchmark Shanghai Composite Index went down 1.32 percent to 2,721.79 points. Turnover rose to 47 billion yuan (US$7.15 billion) from yesterday morning's 44.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.4 percent at 1,194.73 points.
China's top statistics bureau said today that growth of gross domestic product accelerated to a more-than-forecast 9.8 percent in the fourth quarter. For the whole 2010, the economy expanded 10.3 percent, the fastest pace in three years, the statistics bureau said.
"Pressure for an interest rate hike remained strong," Northeast Securities wrote in a note. "Consumer prices are likely to rise in January because of the bad weather and the approaching Spring Festival."
Chinese banks extended more than 1 trillion yuan of new loans by January 19, and some banks have used up the loan quota for January, the 21st Century Business Herald reported.
Several major commercial banks, including China Development Bank and Bank of China, have halted lending for less important projects under regulatory pressure, the newspaper said, citing unidentified sources familiar with the issue.
Banks dropped. Bank of China lost 0.6 percent to 3.19 yuan. China Construction Bank fell 1.5 percent to 4.70 yuan. Industrial and Commercial Bank of China went down 0.8 percent to 2.59 yuan.
Commodity producers were weak. Jiangxi Copper Co shed 3.7 percent to 37.80 yuan. Shandong Gold Mining Co dropped 2.6 percent to 45.12 yuan. Datong Coal Industry Co slid 3 percent to 18.86 yuan.
Aluminum Corp of China, the nation's largest maker of the metal, climbed 5.9 percent to 10.60 yuan after the company's parent said it had revenue of 200.3 billion yuan in 2010, 41 percent higher than 2009.
The benchmark Shanghai Composite Index went down 1.32 percent to 2,721.79 points. Turnover rose to 47 billion yuan (US$7.15 billion) from yesterday morning's 44.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.4 percent at 1,194.73 points.
China's top statistics bureau said today that growth of gross domestic product accelerated to a more-than-forecast 9.8 percent in the fourth quarter. For the whole 2010, the economy expanded 10.3 percent, the fastest pace in three years, the statistics bureau said.
"Pressure for an interest rate hike remained strong," Northeast Securities wrote in a note. "Consumer prices are likely to rise in January because of the bad weather and the approaching Spring Festival."
Chinese banks extended more than 1 trillion yuan of new loans by January 19, and some banks have used up the loan quota for January, the 21st Century Business Herald reported.
Several major commercial banks, including China Development Bank and Bank of China, have halted lending for less important projects under regulatory pressure, the newspaper said, citing unidentified sources familiar with the issue.
Banks dropped. Bank of China lost 0.6 percent to 3.19 yuan. China Construction Bank fell 1.5 percent to 4.70 yuan. Industrial and Commercial Bank of China went down 0.8 percent to 2.59 yuan.
Commodity producers were weak. Jiangxi Copper Co shed 3.7 percent to 37.80 yuan. Shandong Gold Mining Co dropped 2.6 percent to 45.12 yuan. Datong Coal Industry Co slid 3 percent to 18.86 yuan.
Aluminum Corp of China, the nation's largest maker of the metal, climbed 5.9 percent to 10.60 yuan after the company's parent said it had revenue of 200.3 billion yuan in 2010, 41 percent higher than 2009.
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