Shares dip for fourth day in row
By Staff Reporter |
June 21, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for the fourth straight day and closed at its lowest level in almost nine months on tight liquidity as banks were required to deposit a combined 380 billion yuan (US$58.7 billion) to the central bank.
The benchmark Shanghai Composite Index lost 0.8 percent to 2,621.25 points, the lowest since September 29.
The People's Bank of China ordered banks to put aside more money from lending starting yesterday to control liquidity and tame inflation. Commercial banks now have to deposit a record 21.5 percent of reserves to the central bank.
"Tight liquidity will last until July because banks are facing their semi-annual assessment," Everbright Securities wrote in a note.
Everbright said steel, mining and property sectors have recently outperformed the market.
The Industrial and Commercial Bank of China, the nation's biggest lender, dropped 0.7 percent to 4.26 yuan.
The Bank of China, the country's third largest lender, fell 1.3 percent to 3.05 yuan.
The benchmark Shanghai Composite Index lost 0.8 percent to 2,621.25 points, the lowest since September 29.
The People's Bank of China ordered banks to put aside more money from lending starting yesterday to control liquidity and tame inflation. Commercial banks now have to deposit a record 21.5 percent of reserves to the central bank.
"Tight liquidity will last until July because banks are facing their semi-annual assessment," Everbright Securities wrote in a note.
Everbright said steel, mining and property sectors have recently outperformed the market.
The Industrial and Commercial Bank of China, the nation's biggest lender, dropped 0.7 percent to 4.26 yuan.
The Bank of China, the country's third largest lender, fell 1.3 percent to 3.05 yuan.
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