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Shares fall on low banker confidence
By Feng Jianmin |
September 15, 2011, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell after the central bank revealed lower confidence among bankers on China's economy and increasing complaints among the public over high consumer and home prices.
The benchmark Shanghai Composite Index dipped 0.23 percent to 2,479.05 points. Turnover rose to 55.8 billion yuan (US$8.7 billion) from yesterday's 54 billion yuan.
The People's Bank of China said in a report today that a banker confidence index for the third quarter fell 2.1 percentage points from last quarter to 54.9 percent due to a cautious outlook on China's macro economy.
The report said 35.7 percent of the bankers surveyed thought the economy was "relatively hot," 2.6 percentage points down from last quarter. Meanwhile, 52.5 percent of bankers said the economy was "normal," 1.9 percentage points down from last quarter.
In a separate survey released today, the central bank said the public was not happy with consumer prices and people were less willing to spend. The public's willingness to invest in the stock market fell to a three-year low, the survey said.
Brokerages were weak. Everbright Securities fell 1.3 percent to 11.98 yuan. Haitong Securities Co fell 0.24 percent to 8.19 yuan.
Car manufacturers rose after China's top economic planning agency, the National Development and Reform Commission, announced it would allow more companies to remanufacture car parts. SAIC Motor Co rose 2.3 percent to 15.47 yuan.
The benchmark Shanghai Composite Index dipped 0.23 percent to 2,479.05 points. Turnover rose to 55.8 billion yuan (US$8.7 billion) from yesterday's 54 billion yuan.
The People's Bank of China said in a report today that a banker confidence index for the third quarter fell 2.1 percentage points from last quarter to 54.9 percent due to a cautious outlook on China's macro economy.
The report said 35.7 percent of the bankers surveyed thought the economy was "relatively hot," 2.6 percentage points down from last quarter. Meanwhile, 52.5 percent of bankers said the economy was "normal," 1.9 percentage points down from last quarter.
In a separate survey released today, the central bank said the public was not happy with consumer prices and people were less willing to spend. The public's willingness to invest in the stock market fell to a three-year low, the survey said.
Brokerages were weak. Everbright Securities fell 1.3 percent to 11.98 yuan. Haitong Securities Co fell 0.24 percent to 8.19 yuan.
Car manufacturers rose after China's top economic planning agency, the National Development and Reform Commission, announced it would allow more companies to remanufacture car parts. SAIC Motor Co rose 2.3 percent to 15.47 yuan.
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