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Shares down as EU debt fears return
By Feng Jianmin |
October 19, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today as concerns over the European debt crisis overshadowed optimism on improving market liquidity.
The benchmark Shanghai Composite Index edged down 0.25 percent and closed at 2,377.51 points. Turnover fell to 53.1 billion yuan (US$8.33 billion) from yesterday's 69.3 billion yuan.
The seven-day repurchase rate, a measure of the cost of borrowing among banks, fell 0.14 percentage points from a weekly high of 3.49 percent yesterday, indicating easing liquidity pressures.
Meanwhile, concerns over the European debt crisis worsened after Moody's downgraded Spain from Aa2 to A1.
Railway-related shares rallied after the central government pledged its support to the fundraising activities of the Ministry of Railways. Jinxi Axle Co jumped 6.3 percent to 11.93 yuan. CSR, a major carriage builder in China, rose 1.8 percent to 5.01 yuan.
Banks were mixed. Agricultural Bank of China lost 1.2 percent to 2.59 yuan. Industrial and Commercial Bank of China, the country's largest bank, inched up 0.2 percent to 4.18 yuan.
The benchmark Shanghai Composite Index edged down 0.25 percent and closed at 2,377.51 points. Turnover fell to 53.1 billion yuan (US$8.33 billion) from yesterday's 69.3 billion yuan.
The seven-day repurchase rate, a measure of the cost of borrowing among banks, fell 0.14 percentage points from a weekly high of 3.49 percent yesterday, indicating easing liquidity pressures.
Meanwhile, concerns over the European debt crisis worsened after Moody's downgraded Spain from Aa2 to A1.
Railway-related shares rallied after the central government pledged its support to the fundraising activities of the Ministry of Railways. Jinxi Axle Co jumped 6.3 percent to 11.93 yuan. CSR, a major carriage builder in China, rose 1.8 percent to 5.01 yuan.
Banks were mixed. Agricultural Bank of China lost 1.2 percent to 2.59 yuan. Industrial and Commercial Bank of China, the country's largest bank, inched up 0.2 percent to 4.18 yuan.
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