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Shares extend losses on prudent monetary policy outlook
By Feng Jianmin |
November 17, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended yesterday's losses after the central bank said it would maintain a "prudent" monetary policy stance due to stubborn inflationary pressure.
The benchmark Shanghai Composite Index dipped 0.16 percent to 2,463.05 points, the lowest since October 28. Turnover fell to 65.9 billion yuan (US$10.4 billion).
"China cannot loosen price controls because the country is still facing inflationary pressure," the People's Bank of China said in its third-quarter monetary report yesterday after market close.
But it also reiterated Premier Wen Jiabao's pledge to "fine-tune" monetary policies "at the appropriate time and with appropriate strength to sustain growth."
Property developers were weak amid concerns over the government's measures to contain prices. Poly Real Estate Co fell 0.5 percent to 9.35 yuan. China Merchants Property Development Co lost 0.6 percent to 16.88 yuan.
Banks were mixed. Bank of China edged up 0.3 percent to 2.96 yuan. Agricultural Bank of China dipped 0.4 percent to 2.58 yuan.
The benchmark Shanghai Composite Index dipped 0.16 percent to 2,463.05 points, the lowest since October 28. Turnover fell to 65.9 billion yuan (US$10.4 billion).
"China cannot loosen price controls because the country is still facing inflationary pressure," the People's Bank of China said in its third-quarter monetary report yesterday after market close.
But it also reiterated Premier Wen Jiabao's pledge to "fine-tune" monetary policies "at the appropriate time and with appropriate strength to sustain growth."
Property developers were weak amid concerns over the government's measures to contain prices. Poly Real Estate Co fell 0.5 percent to 9.35 yuan. China Merchants Property Development Co lost 0.6 percent to 16.88 yuan.
Banks were mixed. Bank of China edged up 0.3 percent to 2.96 yuan. Agricultural Bank of China dipped 0.4 percent to 2.58 yuan.
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