Stocks dip on fears of interest rate hike
By Pan Xiaoyi |
April 8, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stocks edged down yesterday on investor concerns the central government will curb market liquidity, raising fears of an imminent interest rate hike.
The Shanghai Composite Index dipped 0.33 percent, or 10.46 points, to close at 3,148.22. Turnover shrank to 126.7 billion yuan (US$18.6 billion) from 144 billion yuan.
"Market speculation that the central government may issue three-year central bills to tighten market liquidity has raised expectations of an interest rate rise," Shenguang Securities Co wrote.
Comments by a member of the central bank's monetary policy committee reinforced the concerns.
"An interest rate rise is likely in the second quarter if China's monthly CPI (consumer price index) gains more than 3 percent," said Li Daokui, a member of the People's Bank of China's monetary policy committee, according to a report.
Poly Real Estate Group plunged 2.5 percent to 20.15 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.9 percent to 23.56 yuan.
The Shanghai Composite Index dipped 0.33 percent, or 10.46 points, to close at 3,148.22. Turnover shrank to 126.7 billion yuan (US$18.6 billion) from 144 billion yuan.
"Market speculation that the central government may issue three-year central bills to tighten market liquidity has raised expectations of an interest rate rise," Shenguang Securities Co wrote.
Comments by a member of the central bank's monetary policy committee reinforced the concerns.
"An interest rate rise is likely in the second quarter if China's monthly CPI (consumer price index) gains more than 3 percent," said Li Daokui, a member of the People's Bank of China's monetary policy committee, according to a report.
Poly Real Estate Group plunged 2.5 percent to 20.15 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.9 percent to 23.56 yuan.
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