Related News
Stock index loses most in 8 weeks
By Feng Jianmin |
November 16, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped the most in eight weeks, led by banks and property developers.
The benchmark Shanghai Composite Index lost 2.48 percent to 2,466.96 points, the largest daily loss since September 22. Turnover rose to 92.3 billion yuan (US$14.6 billion).
Banks fell after the International Monetary Fund yesterday urged China to reform its financial system to withstand systemic risks.
"Although China's banks are healthy, Chinese authorities need to address some vulnerabilities, such as capital misallocation and the formation of bubbles, especially in real estate," according to Jonathan Fiechter, deputy director of IMF's monetary and capital markets department.
Bank of China fell 1.7 percent to 2.95 yuan. Industrial and Commercial Bank of China lost 0.9 percent to 4.28 yuan.
Property developers declined after China Securities Journal said that Chinese developers had borrowed over 1 trillion yuan since the second half of last year at high interest rates, citing unidentified sources.
China Vanke tumbled 3.4 percent to 7.29 yuan after Shanghai Securities News reported the company might cut prices for all of its home projects in Shanghai by more than 20 percent at the end of this week. Gemdale Corp trailed 3.6 percent to 4.61 yuan.
The benchmark Shanghai Composite Index lost 2.48 percent to 2,466.96 points, the largest daily loss since September 22. Turnover rose to 92.3 billion yuan (US$14.6 billion).
Banks fell after the International Monetary Fund yesterday urged China to reform its financial system to withstand systemic risks.
"Although China's banks are healthy, Chinese authorities need to address some vulnerabilities, such as capital misallocation and the formation of bubbles, especially in real estate," according to Jonathan Fiechter, deputy director of IMF's monetary and capital markets department.
Bank of China fell 1.7 percent to 2.95 yuan. Industrial and Commercial Bank of China lost 0.9 percent to 4.28 yuan.
Property developers declined after China Securities Journal said that Chinese developers had borrowed over 1 trillion yuan since the second half of last year at high interest rates, citing unidentified sources.
China Vanke tumbled 3.4 percent to 7.29 yuan after Shanghai Securities News reported the company might cut prices for all of its home projects in Shanghai by more than 20 percent at the end of this week. Gemdale Corp trailed 3.6 percent to 4.61 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
