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Shanghai shares fall on liquidity concern
By Feng Jianmin |
December 23, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell among concerns about a tight liquidity at the end of the year. Car makers dropped while banks gained.
The benchmark Shanghai Composite Index lost 0.79 percent, or 22.68 points, to 2,855.22. Turnover fell to 110.9 billion yuan (US$16.7 billion) from yesterday's 127.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 1.7 percent to 1,315.72.
Costs of borrowing among banks have reached the highest in nearly three years, the Shanghai Securities Journal reported today. The average interest rate on the currency market was 4.8 percent yesterday, 12 percent higher from Tuesday.
Banks outperformed. Everbright Bank rose 1.6 percent to 3.89 yuan. Agriculture Bank of China edged up 0.4 percent to 2.63 yuan. Industrial and Commercial Bank of China was unchanged at 4.18 yuan.
Car makers declined on news an official with China's top planning body said that preferential tax policy for low-emission cars "will almost certainly be" cancelled next year. SAIC Motor Co, China's largest car maker, dropped 1.6 percent to 16 yuan. FAW Car Co sank 1.7 percent to 16.77 yuan.
Brokerages were mixed on worries that earnings will be pared by weak performance of the stock market and thin turnover. Haitong Securities Co was down 0.6 percent to 10.08 yuan. GF Securities Co rose 0.3 percent to 52.15 yuan. Northeast Securities lost 0.9 percent to 23.44 yuan.
The benchmark Shanghai Composite Index lost 0.79 percent, or 22.68 points, to 2,855.22. Turnover fell to 110.9 billion yuan (US$16.7 billion) from yesterday's 127.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 1.7 percent to 1,315.72.
Costs of borrowing among banks have reached the highest in nearly three years, the Shanghai Securities Journal reported today. The average interest rate on the currency market was 4.8 percent yesterday, 12 percent higher from Tuesday.
Banks outperformed. Everbright Bank rose 1.6 percent to 3.89 yuan. Agriculture Bank of China edged up 0.4 percent to 2.63 yuan. Industrial and Commercial Bank of China was unchanged at 4.18 yuan.
Car makers declined on news an official with China's top planning body said that preferential tax policy for low-emission cars "will almost certainly be" cancelled next year. SAIC Motor Co, China's largest car maker, dropped 1.6 percent to 16 yuan. FAW Car Co sank 1.7 percent to 16.77 yuan.
Brokerages were mixed on worries that earnings will be pared by weak performance of the stock market and thin turnover. Haitong Securities Co was down 0.6 percent to 10.08 yuan. GF Securities Co rose 0.3 percent to 52.15 yuan. Northeast Securities lost 0.9 percent to 23.44 yuan.
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