Stock index declines to 5-week low
By Ding Yining |
March 16, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S stock market dropped to a five-week low yesterday, breaching the 3,000-point mark, on concerns that measures will be tightened in the near future to curb inflation risks.
The key Shanghai Composite Index lost 1.21 percent, or 36.47 points, to close at 2,976.94. Turnover was 74.8 billion yuan (US$11 billion).
Premier Wen Jiabao said on Sunday that the government would strike a balance of economic growth, adjust economic development model and manage inflation expectations this year.
People's Bank of China Governor Zhou Xiaochuan said at a separate news conference that the current price level is higher than the central bank's expectations and an interest rate rise will depend on the outlook of the level of price changes.
"The index will remain rather weak in the next few days as investors are very cautious over how far macroeconomic policies will go in the future," China Merchant Securities said.
China Merchants Bank said it had sold 2 billion A shares in a rights offer at 8.85 yuan per share and raised 17.76 billion yuan. The stock slid 2.55 percent to 14.89 yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.62 percent to 4.83 yuan.
Property shares were mixed. China Vanke Co fell 1.28 percent to 9.24 yuan. Gemdale Corp added 1.82 percent to 13.45 yuan, and Poly Real Estate Group gained 0.87 percent to 19.62 yuan.
The key Shanghai Composite Index lost 1.21 percent, or 36.47 points, to close at 2,976.94. Turnover was 74.8 billion yuan (US$11 billion).
Premier Wen Jiabao said on Sunday that the government would strike a balance of economic growth, adjust economic development model and manage inflation expectations this year.
People's Bank of China Governor Zhou Xiaochuan said at a separate news conference that the current price level is higher than the central bank's expectations and an interest rate rise will depend on the outlook of the level of price changes.
"The index will remain rather weak in the next few days as investors are very cautious over how far macroeconomic policies will go in the future," China Merchant Securities said.
China Merchants Bank said it had sold 2 billion A shares in a rights offer at 8.85 yuan per share and raised 17.76 billion yuan. The stock slid 2.55 percent to 14.89 yuan.
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.62 percent to 4.83 yuan.
Property shares were mixed. China Vanke Co fell 1.28 percent to 9.24 yuan. Gemdale Corp added 1.82 percent to 13.45 yuan, and Poly Real Estate Group gained 0.87 percent to 19.62 yuan.
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