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Shanghai shares lose on concerns about tightening
By Feng Jianmin |
May 10, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks extended the losses in the morning session on concerns about tightened market liquidity as banks' reserve requirement ratio was raised from 16.5 to 17 percent today.
The central bank announced the decision on May 2 to raise the ratio, the third time this year, to tighten liquidity and curb economic overheating.
The benchmark Shanghai Composite Index lost 0.63 percent to 2,671.5 points. Turnover was 56 billion yuan (US$ 8.21 billion). Losers outnumbered gainers by 713 to 219, and 169 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller bourse, also lost 2.91 percent to 1,033.2 points.
Air carriers lost as they continued to suffer from volcanic ashes from Iceland and stormy weather in southern China. Air China, the largest international carrier in China, plunged 5.29 percent to 11.64 yuan. China Southern Airlines lost 4.5 percent to 7.42 yuan after flights were seriously delayed in Guangdong province.
Banks showed mixed performance. Industrial Bank gained 0.86 percent to 27.10 yuan. Bank of China dipped 0.01 yuan to 4.02 yuan on its decision to invest 7.5 billion yuan on a rail line from southern Shanxi province to Rizhao, a port in Shandong province.
Elsewhere, Ping An Insurance (Group) Co climbed 1.83 percent to 47.13 yuan after becoming the largest shareholder of Shenzhen Development Bank. The Shenzhen-based bank gained 0.27 percent to 18.31 yuan.
Poly Real Estate Group went up 1.41 percent to 10.76 yuan after reporting a 16.21 percent increase in sales in the first four months this year from a year earlier. Gemdale Corp grew 2.16 percent to 6.15 yuan.
Major macroeconomic statistics will be released tomorrow, arousing concerns about inflationary pressure.
The central bank announced the decision on May 2 to raise the ratio, the third time this year, to tighten liquidity and curb economic overheating.
The benchmark Shanghai Composite Index lost 0.63 percent to 2,671.5 points. Turnover was 56 billion yuan (US$ 8.21 billion). Losers outnumbered gainers by 713 to 219, and 169 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller bourse, also lost 2.91 percent to 1,033.2 points.
Air carriers lost as they continued to suffer from volcanic ashes from Iceland and stormy weather in southern China. Air China, the largest international carrier in China, plunged 5.29 percent to 11.64 yuan. China Southern Airlines lost 4.5 percent to 7.42 yuan after flights were seriously delayed in Guangdong province.
Banks showed mixed performance. Industrial Bank gained 0.86 percent to 27.10 yuan. Bank of China dipped 0.01 yuan to 4.02 yuan on its decision to invest 7.5 billion yuan on a rail line from southern Shanxi province to Rizhao, a port in Shandong province.
Elsewhere, Ping An Insurance (Group) Co climbed 1.83 percent to 47.13 yuan after becoming the largest shareholder of Shenzhen Development Bank. The Shenzhen-based bank gained 0.27 percent to 18.31 yuan.
Poly Real Estate Group went up 1.41 percent to 10.76 yuan after reporting a 16.21 percent increase in sales in the first four months this year from a year earlier. Gemdale Corp grew 2.16 percent to 6.15 yuan.
Major macroeconomic statistics will be released tomorrow, arousing concerns about inflationary pressure.
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