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Shanghai stock gauge drops on interest rate rise
By Feng Jianmin |
July 7, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today after China's central bank announced a rise in the benchmark interest rates by 0.25 percentage point yesterday evening.
Shanghai Composite Index lost 0.58 percent to 2,797.27 points. Turnover was 141.3 billion yuan (US$21.8 billion).
China yesterday raised interest rates for the third time this year as it tries to dampen high inflation. The benchmark one-year lending rate rises to 6.56 percent and the one-year deposit rate increases by the same extent to 3.5 percent.
China's top statistics bureau said today that major economic data including inflation will be released on 9th every month, two days ahead of the previous due date so as to prevent leakage of data. Inflation in June is widely expected to hit 6.2 to 6.4 percent.
"Central bank's measure indicates that inflation situation is still serious and the policies will not be significantly loosened until data show slower inflation," said Dong Le, a senior analyst with Haitong Securities.
Banks were mixed. Industrial and Commercial Bank of China fell 1.1 percent to 4.32 yuan. China Merchants Bank edged up 0.5 percent to 13.24 yuan.
Media firms rallied after a 20-billion-yuan national investment fund for culture industries was launched. The fund was spearheaded by China's Ministry of Finance, which injected the initial 500 million yuan. The fund aimed to support the growth of firms in the culture, entertainment and sports sectors. Hunan TV & Broadcast Intermediary Co jumped by the daily limit of 10 percent to 29.52 yuan. China Television Media climbed 4.4 percent to 13.11 yuan.
Shanghai Composite Index lost 0.58 percent to 2,797.27 points. Turnover was 141.3 billion yuan (US$21.8 billion).
China yesterday raised interest rates for the third time this year as it tries to dampen high inflation. The benchmark one-year lending rate rises to 6.56 percent and the one-year deposit rate increases by the same extent to 3.5 percent.
China's top statistics bureau said today that major economic data including inflation will be released on 9th every month, two days ahead of the previous due date so as to prevent leakage of data. Inflation in June is widely expected to hit 6.2 to 6.4 percent.
"Central bank's measure indicates that inflation situation is still serious and the policies will not be significantly loosened until data show slower inflation," said Dong Le, a senior analyst with Haitong Securities.
Banks were mixed. Industrial and Commercial Bank of China fell 1.1 percent to 4.32 yuan. China Merchants Bank edged up 0.5 percent to 13.24 yuan.
Media firms rallied after a 20-billion-yuan national investment fund for culture industries was launched. The fund was spearheaded by China's Ministry of Finance, which injected the initial 500 million yuan. The fund aimed to support the growth of firms in the culture, entertainment and sports sectors. Hunan TV & Broadcast Intermediary Co jumped by the daily limit of 10 percent to 29.52 yuan. China Television Media climbed 4.4 percent to 13.11 yuan.
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