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Shanghai shares edge down on concerns of liquidity
By Joyce Pan |
February 22, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower at the midday break on the first trading day after the Chinese Lunar New Year holiday, as investor sentiment was dampened by the central bank's stance to further withdraw liquidity.
The benchmark Shanghai Composite Index dipped 0.08 percent, or 2.44 points, to close at 3,015.7 points. Turnover stood at 43.7 billion yuan (US$6.4 billion). Gainers outnumbered losers 469 to 390 and 35 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.06 percent to close at 1,131.14 points.
The People's Bank of China announced before the holiday that it will raise the bank reserve ratio to 16.5 percent on Thursday, the second rise this year.
Market watchers estimated China's central bank may raise the interest rate in April to tighten market liquidity and curb inflation.
Lenders led the decliners. Bank of China was down 0.2 percent at 4.12 yuan. China Construction Bank Corp edged down 0.5 percent at 5.66 yuan. Industrial and Commercial Bank of China dropped 0.2 percent to 4.9 yuan.
Brokerages showed mixed performance as the China Financial Futures Exchange started to accept applications from investors to open accounts for stock index futures trading today. CITIC Securities Co added 0.7 percent to 27.51 yuan. Sinolink Securities Co inched up 0.2 percent to 20.47 yuan. Everbright Securities Co lost 1.2 percent to 26.23 yuan.
The benchmark Shanghai Composite Index dipped 0.08 percent, or 2.44 points, to close at 3,015.7 points. Turnover stood at 43.7 billion yuan (US$6.4 billion). Gainers outnumbered losers 469 to 390 and 35 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.06 percent to close at 1,131.14 points.
The People's Bank of China announced before the holiday that it will raise the bank reserve ratio to 16.5 percent on Thursday, the second rise this year.
Market watchers estimated China's central bank may raise the interest rate in April to tighten market liquidity and curb inflation.
Lenders led the decliners. Bank of China was down 0.2 percent at 4.12 yuan. China Construction Bank Corp edged down 0.5 percent at 5.66 yuan. Industrial and Commercial Bank of China dropped 0.2 percent to 4.9 yuan.
Brokerages showed mixed performance as the China Financial Futures Exchange started to accept applications from investors to open accounts for stock index futures trading today. CITIC Securities Co added 0.7 percent to 27.51 yuan. Sinolink Securities Co inched up 0.2 percent to 20.47 yuan. Everbright Securities Co lost 1.2 percent to 26.23 yuan.
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