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Shanghai shares stumble on tightening concern
By Feng Jianmin |
September 16, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index dropped to 3-week low in the morning session on concerns that banks may be ordered to raise their capital adequacy ratios and interest rates to combat inflation.
The benchmark Shanghai Composite Index lost 1.47 percent, or 39 points, to close at 2,613.4 points. Turnover was 71.4 billion yuan (US$ 10.6 billion), slightly lower than yesterday morning's 72.2 billion yuan.
The Shenzhen Composite Index went down 1.8 percent to 1,160.9 points.
The National Business Daily reported that Chinese regulatory bodies are mulling new rules under the framework of Basel III Accord, including the possibility to raise banks' capital adequacy ratio from 11.5 percent to 15 percent by 2012, to boost banks' ability to absorb risks.
The measure may cause up to a total of one trillion yuan in capital deficit for five largest banks in China, according to the report.
Elsewhere, the central bank declined to comment on the rumor that the central government may allow banks to raise deposit rates to as high as 10 percent, according to the China Securities Journal.
Banks suffered on concerns that the measures may dim their profits. Agricultural Bank of China shed 2.24 percent to 2.62 yuan, below its initial public offering price for the first time. Bank of China fell 1.21 percent to 3.26 yuan. Industrial and Commercial Bank of China lost 0.74 percent to 4 yuan.
Property developers dipped after the Shanghai Securities News reported that fund raising applications involving tens of millions yuan have been rejected by China Securities Regulatory Commission. China Vanke dipped 0.5 percent to 8.12 after its 11.2 billion yuan fund raising plan expires today. Gemdale Corp lost 0.16 percent to 6.23 yuan. China Merchants Property Development Co edged down 0.7 percent to 17.12 yuan.
Brokerages picked up from yesterday's loss after media reported that regulators are drafting rules to set the baseline of commission fee higher than the cost of transactions. GF Securities Co surged 7.41 percent to 34.51 yuan. Haitong Securities Co rose 1.31 percent to 9.29 yuan. China Merchants Securities Co grew 2 percent to 21.03 yuan.
The benchmark Shanghai Composite Index lost 1.47 percent, or 39 points, to close at 2,613.4 points. Turnover was 71.4 billion yuan (US$ 10.6 billion), slightly lower than yesterday morning's 72.2 billion yuan.
The Shenzhen Composite Index went down 1.8 percent to 1,160.9 points.
The National Business Daily reported that Chinese regulatory bodies are mulling new rules under the framework of Basel III Accord, including the possibility to raise banks' capital adequacy ratio from 11.5 percent to 15 percent by 2012, to boost banks' ability to absorb risks.
The measure may cause up to a total of one trillion yuan in capital deficit for five largest banks in China, according to the report.
Elsewhere, the central bank declined to comment on the rumor that the central government may allow banks to raise deposit rates to as high as 10 percent, according to the China Securities Journal.
Banks suffered on concerns that the measures may dim their profits. Agricultural Bank of China shed 2.24 percent to 2.62 yuan, below its initial public offering price for the first time. Bank of China fell 1.21 percent to 3.26 yuan. Industrial and Commercial Bank of China lost 0.74 percent to 4 yuan.
Property developers dipped after the Shanghai Securities News reported that fund raising applications involving tens of millions yuan have been rejected by China Securities Regulatory Commission. China Vanke dipped 0.5 percent to 8.12 after its 11.2 billion yuan fund raising plan expires today. Gemdale Corp lost 0.16 percent to 6.23 yuan. China Merchants Property Development Co edged down 0.7 percent to 17.12 yuan.
Brokerages picked up from yesterday's loss after media reported that regulators are drafting rules to set the baseline of commission fee higher than the cost of transactions. GF Securities Co surged 7.41 percent to 34.51 yuan. Haitong Securities Co rose 1.31 percent to 9.29 yuan. China Merchants Securities Co grew 2 percent to 21.03 yuan.
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