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Slower growth, potential tightening moves cast shadow on market
By Feng Jianmin |
August 16, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in four days on concerns for more tightening measures and slower economic growth in China.
The benchmark Shanghai Composite Index edged down 0.3 percent to close at 2,618.79 points in the morning session. Turnover rose to 51.3 billion yuan (US$8 billion) from yesterday morning's 43.8 billion yuan.
China's central bank auctioned off 5 billion yuan's one-year note today and raised yield by 8.58 basic points to 3.584 percent. The yield was slightly higher than the benchmark one-year deposit rate of 3.5 percent, raising concerns that the central bank may increase interest rate.
The People's Bank of China also issued 29 billion yuan of 28-day repurchase agreement at a yield of 2.8 percent, according to a statement.
Meanwhile, Conference Board, a New York-based research organization, said today that growth in China is slowing significantly.
The Chinese economy is cooling after the government raised interest rates and banks' reserve requirements and extended curbs on the real-estate market, adding to concerns about the outlook for the global economy, the company said.
Steelmakers led the decliners. Baoshan Iron & Steel Co lost 0.6 percent to 5.35 yuan. Inner Mongolia Baotou Steel Union Co shed 0.9 percent to 6.89 yuan.
Southwest Securities Co jumped 4.2 percent after it announced plan to merge with Guodu Securities and resumes trading from a nearly half-year suspension.
The benchmark Shanghai Composite Index edged down 0.3 percent to close at 2,618.79 points in the morning session. Turnover rose to 51.3 billion yuan (US$8 billion) from yesterday morning's 43.8 billion yuan.
China's central bank auctioned off 5 billion yuan's one-year note today and raised yield by 8.58 basic points to 3.584 percent. The yield was slightly higher than the benchmark one-year deposit rate of 3.5 percent, raising concerns that the central bank may increase interest rate.
The People's Bank of China also issued 29 billion yuan of 28-day repurchase agreement at a yield of 2.8 percent, according to a statement.
Meanwhile, Conference Board, a New York-based research organization, said today that growth in China is slowing significantly.
The Chinese economy is cooling after the government raised interest rates and banks' reserve requirements and extended curbs on the real-estate market, adding to concerns about the outlook for the global economy, the company said.
Steelmakers led the decliners. Baoshan Iron & Steel Co lost 0.6 percent to 5.35 yuan. Inner Mongolia Baotou Steel Union Co shed 0.9 percent to 6.89 yuan.
Southwest Securities Co jumped 4.2 percent after it announced plan to merge with Guodu Securities and resumes trading from a nearly half-year suspension.
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