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Shares drop to 3-week low on tightening concern
By Feng Jianmin and Winny Wang |
September 16, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index dropped to a 3-week low today on concerns that banks may be ordered to raise their capital adequacy ratios and interest rates to combat inflation.
The benchmark Shanghai Composite Index lost 1.89 percent, or 50.04 points, to close at 2,602.47 points. Turnover was 128.5 billion yuan (US$19.1 billion), slightly lower than 138.5 billion yuan yesterday.
The Shenzhen Composite Index went down 2.18 percent to 1,156.51 points.
The National Business Daily said today that Chinese regulatory bodies are mulling new rules under the framework of Basel III Accord, including the possibility to raise banks' capital adequacy ratio from 11.5 percent to 15 percent by 2012, to boost banks' ability to absorb risks.
The measure may cause up to a total of one trillion yuan in capital deficit for five largest banks in China, according to the report.
Banks suffered on concerns that the measures may dim their profits. Agricultural Bank of China shed 1.87 percent to 2.63 yuan, below its initial public offering price of 2.68 yuan for the first time. Bank of China fell 2.12 percent to 3.23 yuan and Industrial and Commercial Bank of China lost 1.49 percent to 3.97 yuan.
Property developers dipped after the Shanghai Securities News reported that fund raising applications involving tens of millions yuan have been rejected by China Securities Regulatory Commission.
China Vanke lost 1.59 percent to 8.03 after its 11.2 billion yuan fund raising plan expires today. Gemdale Corp lost 1.44 percent to 6.15 yuan. China Merchants Property Development Co decreased 2.26 percent to 16.85 yuan.
Brokerages picked up from yesterday's loss after media reported that regulators are drafting rules to set the baseline of commission fee higher than the cost of transactions.
GF Securities Co surged 4.3 percent to 33.51 yuan, China Merchants Securities Co grew 0.39 percent to 20.69 yuan and Sinolink Securities Co rose 2.58 percent to 16.68 yuan.
The benchmark Shanghai Composite Index lost 1.89 percent, or 50.04 points, to close at 2,602.47 points. Turnover was 128.5 billion yuan (US$19.1 billion), slightly lower than 138.5 billion yuan yesterday.
The Shenzhen Composite Index went down 2.18 percent to 1,156.51 points.
The National Business Daily said today that Chinese regulatory bodies are mulling new rules under the framework of Basel III Accord, including the possibility to raise banks' capital adequacy ratio from 11.5 percent to 15 percent by 2012, to boost banks' ability to absorb risks.
The measure may cause up to a total of one trillion yuan in capital deficit for five largest banks in China, according to the report.
Banks suffered on concerns that the measures may dim their profits. Agricultural Bank of China shed 1.87 percent to 2.63 yuan, below its initial public offering price of 2.68 yuan for the first time. Bank of China fell 2.12 percent to 3.23 yuan and Industrial and Commercial Bank of China lost 1.49 percent to 3.97 yuan.
Property developers dipped after the Shanghai Securities News reported that fund raising applications involving tens of millions yuan have been rejected by China Securities Regulatory Commission.
China Vanke lost 1.59 percent to 8.03 after its 11.2 billion yuan fund raising plan expires today. Gemdale Corp lost 1.44 percent to 6.15 yuan. China Merchants Property Development Co decreased 2.26 percent to 16.85 yuan.
Brokerages picked up from yesterday's loss after media reported that regulators are drafting rules to set the baseline of commission fee higher than the cost of transactions.
GF Securities Co surged 4.3 percent to 33.51 yuan, China Merchants Securities Co grew 0.39 percent to 20.69 yuan and Sinolink Securities Co rose 2.58 percent to 16.68 yuan.
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