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Shares fall as hope wanes for more policy easing
By Ye Zhen |
September 26, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks extended losses this morning after China's central bank said it will maintain a prudent monetary policy to stabilize the economy, making additional policy easing unlikely.
The key Shanghai Composite Index lost 0.63 percent, or 12.68 points, to 2,016.61 points. Turnover stood at 18.2 billion yuan (US$2.9 billion) by midday.
"We will continue to implement the prudent monetary policy and make it more targeted, flexible and forward-looking, while fine-tuning it to according to the economic situation," the People's Bank of China said in a statement after its third-quarter monetary policy meeting.
The central bank yesterday injected a record 290 billion yuan into the domestic financial market via reverse repurchase agreements. The move dampened hopes for an imminent relaxing of the country's monetary policy. "The use of long-term reverse repo indicates the central bank relies more on open market operations to adjust liquidity rather than cutting the required reserve ratio," said He Yifeng, analyst at Hongyuan Securities.
Ship builders declined the most. CSSC Jiangnan Heavy Industry Co fell 6.5 percent to 14.54 yuan. China CSSC Holdings Limited dropped 2.2 percent to 20.16 yuan. Asian Star Anchor Chain Co decreased 4.6 percent to 7.95 yuan.
Gold stocks continued a weak run. Zijin Mining Group Co, the nation's largest gold producer, lost 1.8 percent to 3.84 yuan. Shandong Gold Mining Co slipped 1.4 percent to 39.22 yuan. Zhongjin Gold Corp sank 2.7 percent to 16.83 yuan.
The key Shanghai Composite Index lost 0.63 percent, or 12.68 points, to 2,016.61 points. Turnover stood at 18.2 billion yuan (US$2.9 billion) by midday.
"We will continue to implement the prudent monetary policy and make it more targeted, flexible and forward-looking, while fine-tuning it to according to the economic situation," the People's Bank of China said in a statement after its third-quarter monetary policy meeting.
The central bank yesterday injected a record 290 billion yuan into the domestic financial market via reverse repurchase agreements. The move dampened hopes for an imminent relaxing of the country's monetary policy. "The use of long-term reverse repo indicates the central bank relies more on open market operations to adjust liquidity rather than cutting the required reserve ratio," said He Yifeng, analyst at Hongyuan Securities.
Ship builders declined the most. CSSC Jiangnan Heavy Industry Co fell 6.5 percent to 14.54 yuan. China CSSC Holdings Limited dropped 2.2 percent to 20.16 yuan. Asian Star Anchor Chain Co decreased 4.6 percent to 7.95 yuan.
Gold stocks continued a weak run. Zijin Mining Group Co, the nation's largest gold producer, lost 1.8 percent to 3.84 yuan. Shandong Gold Mining Co slipped 1.4 percent to 39.22 yuan. Zhongjin Gold Corp sank 2.7 percent to 16.83 yuan.
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