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Shanghai stock index drops 1st in 7 days
By Lydia Chen |
June 29, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI stock index declined for the first time in seven days, weighed down by heavyweight financials while investors sold shares in cement and non-ferrous metal sectors for quick profit following yesterday's rally.
Banks remained broadly weak over various concerns about the industry amid a slew of domestic media reports.
The Shanghai Composite Index was down 1.11 percent to 2,728.48. Turnover trailed off to 99 billion yuan (US$15.3 billion).
Cement makers reversed yesterday's rally and became the biggest drags today. Anhui Conch Cement Co lost 2.37 percent to 27.13 yuan. Xinjiang Qingsong Building Materials and Chemicals Group Co declined 4.58 percent to 20.65 yuan.
Banks paced the decline among financials. Industrial & Commercial Bank of China shed 0.89 percent to 4.46 yuan. Bank of China lost 1.25 percent to 3.15 yuan.
China's central bank auctioned 2 billion yuan of one-year bills in its open market operations yesterday at a yield of 3.4982 percent, up 9.63 basis points from last week.
The rate was 24.82 basis points higher than China's one-year deposit rate of 3.25 percent, which raises speculation that the central bank may raise its interest rate for the third time this year soon.
Meanwhile, China's bank regulator has censured some lenders for trying to circumvent authorities' tough lending restrictions by selling high-yielding wealth management products, undermining its policy tightening.
Banks remained broadly weak over various concerns about the industry amid a slew of domestic media reports.
The Shanghai Composite Index was down 1.11 percent to 2,728.48. Turnover trailed off to 99 billion yuan (US$15.3 billion).
Cement makers reversed yesterday's rally and became the biggest drags today. Anhui Conch Cement Co lost 2.37 percent to 27.13 yuan. Xinjiang Qingsong Building Materials and Chemicals Group Co declined 4.58 percent to 20.65 yuan.
Banks paced the decline among financials. Industrial & Commercial Bank of China shed 0.89 percent to 4.46 yuan. Bank of China lost 1.25 percent to 3.15 yuan.
China's central bank auctioned 2 billion yuan of one-year bills in its open market operations yesterday at a yield of 3.4982 percent, up 9.63 basis points from last week.
The rate was 24.82 basis points higher than China's one-year deposit rate of 3.25 percent, which raises speculation that the central bank may raise its interest rate for the third time this year soon.
Meanwhile, China's bank regulator has censured some lenders for trying to circumvent authorities' tough lending restrictions by selling high-yielding wealth management products, undermining its policy tightening.
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