Related News
Shanghai stocks fall to month low
By Hu Xiaocen |
February 26, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks slumped to a month low today, amid doubts over the sustainability of China's economic recovery, as well as tighter monetary policy after the central bank drained funds from the market.
The Shanghai Composite Index fell 1.4 percent to 2,293.34 points today, the lowest level since January 25.
Turnover was 105.9 billion yuan (US$16.8 billion).
"The preliminary reading of HSBC's purchasing manager index fell to the lowest in four months (in February). The market began to have doubts about (the strength of) the economic recovery," Haitong Securities Co said in a daily research note today.
"The benchmark index may extend the loss further in the short run. Investors should remain cautious," Haitong said.
China Merchants Bank also said in a research note today that there's no signal suggesting the index will stabilize in the short run.
Instead, it is expected to weaken further.
The People's Bank of China continued to tighten market liquidity by draining 5 billion yuan from the interbank market today through repurchase contracts.
The central bank withdrew 910 billion yuan last week - the biggest weekly amount ever - which signaled a tightening monetary stance to curb excessive funds and rising property prices.
The performances of lenders were mixed. The nation's biggest lender, the Industrial and Commercial Bank of China, shed 1 percent to 4.1 yuan, while the Bank of Communications, the fifth-biggest lender, slumped 1.2 percent to 4.92 yuan;
However, Shanghai Pudong Development Bank edged up 0.1 percent to 10.33 yuan.
The Shanghai Composite Index fell 1.4 percent to 2,293.34 points today, the lowest level since January 25.
Turnover was 105.9 billion yuan (US$16.8 billion).
"The preliminary reading of HSBC's purchasing manager index fell to the lowest in four months (in February). The market began to have doubts about (the strength of) the economic recovery," Haitong Securities Co said in a daily research note today.
"The benchmark index may extend the loss further in the short run. Investors should remain cautious," Haitong said.
China Merchants Bank also said in a research note today that there's no signal suggesting the index will stabilize in the short run.
Instead, it is expected to weaken further.
The People's Bank of China continued to tighten market liquidity by draining 5 billion yuan from the interbank market today through repurchase contracts.
The central bank withdrew 910 billion yuan last week - the biggest weekly amount ever - which signaled a tightening monetary stance to curb excessive funds and rising property prices.
The performances of lenders were mixed. The nation's biggest lender, the Industrial and Commercial Bank of China, shed 1 percent to 4.1 yuan, while the Bank of Communications, the fifth-biggest lender, slumped 1.2 percent to 4.92 yuan;
However, Shanghai Pudong Development Bank edged up 0.1 percent to 10.33 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
