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Shanghai stocks ebb despite new liquidity infusion
By Ye Zhen |
September 13, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated today amid speculation that the government may hold off further monetary easing after the central bank released more liquidity into the open market today.
The benchmark Shanghai Composite Index lost 0.76 percent, or 16.18 points, to close at 2,110.38 points, with a daily turnover of 64.6 billion yuan (US$10.3 billion).
The People's Bank of China, the central bank, today injected 35 billion yuan to the financial market through seven-day reverse repurchase agreements and another 20 billion yuan via 28-day reverse repurchase agreements.
Analysts said the government will utilize open market operations to adjust market liquidity instead of lowering the bank reserve requirement ratio to prevent a rebound in home prices.
The State Council said yesterday, after a meeting chaired by Premier Wen Jiabao, that it will speed up export tax rebates, provide loans to small and micro-sized traders, expand the scope of export credit insurance, slash custom clearance costs and protect the interests of exporters by solving their trade frictions.
The measures came after China posted weaker-than-expected trade data for August as the global market remained in the doldrums.
Cement producers fell due to a bout of profit taking after yesterday's surge. Anhui Conch Cement Co, China's biggest cement producer, pared 1.9 percent to 14.98 yuan. Gansu Qilianshan Cement Group dropped 7.3 percent to 10.95 yuan.
Coal miners posted a weak run. Qinghai Sunshiny Mining Co declined 5.7 percent to 4.65 yuan. Shanxi Lu'an Environmental Energy Development Co slid 2.3 percent to 17.78 yuan. Shanxi Lanhua Sci-Tech Venture Co shed 2.8 percent to 19.14 yuan.
The benchmark Shanghai Composite Index lost 0.76 percent, or 16.18 points, to close at 2,110.38 points, with a daily turnover of 64.6 billion yuan (US$10.3 billion).
The People's Bank of China, the central bank, today injected 35 billion yuan to the financial market through seven-day reverse repurchase agreements and another 20 billion yuan via 28-day reverse repurchase agreements.
Analysts said the government will utilize open market operations to adjust market liquidity instead of lowering the bank reserve requirement ratio to prevent a rebound in home prices.
The State Council said yesterday, after a meeting chaired by Premier Wen Jiabao, that it will speed up export tax rebates, provide loans to small and micro-sized traders, expand the scope of export credit insurance, slash custom clearance costs and protect the interests of exporters by solving their trade frictions.
The measures came after China posted weaker-than-expected trade data for August as the global market remained in the doldrums.
Cement producers fell due to a bout of profit taking after yesterday's surge. Anhui Conch Cement Co, China's biggest cement producer, pared 1.9 percent to 14.98 yuan. Gansu Qilianshan Cement Group dropped 7.3 percent to 10.95 yuan.
Coal miners posted a weak run. Qinghai Sunshiny Mining Co declined 5.7 percent to 4.65 yuan. Shanxi Lu'an Environmental Energy Development Co slid 2.3 percent to 17.78 yuan. Shanxi Lanhua Sci-Tech Venture Co shed 2.8 percent to 19.14 yuan.
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