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Stocks down as investors take cue from US markets
By Lydia Chen |
September 23, 2011, Friday
|
Online Edition
Online Edition
THE Shanghai stock market extended yesterday's losses but managed to recover from sharply lower opening amid concerns over global economic prospects.
The Shanghai Composite Index lost 0.91 percent to 2,420.94. The benchmark index opened at 2,412, the lowest in more than 14 months after the US financial markets took a big hit yesterday, with both stocks and commodities suffering massive sell-offs as the Federal Reserve's bleak outlook on the economy and poor economic data added to fears of a double-dip recession.
Jiangxi Copper suffered a loss of 3.68 percent to 28 yuan. PetroChina was down 0.73 percent to 9.53 yuan. Xinjiang Bayi Iron & Steel Co tumbled 5.94 percent to 10.68 yuan.
Losses among developers and banks reinforced the falling trend.
China Vanke Co skipped 1.07 percent to 7.38 yuan. The Bank of Communications shed 1.32 percent to 4.50 yuan.
Shanghai Securities News said today some trust fund firms had halted their real estate trust business.
China's central bank has asked commercial banks to maintain a stable loan-to-deposit ratio during the National Day holiday which begins on October 1, the Oriental Morning Post reported today, citing unidentified sources. The difference of banks' outstanding deposits on September 30 and on October 8 must not exceed 5 percent, the newspaper said.
Meanwhile, China's social security fund plans to invest more than 10 billion yuan in the nation's stock market, a move that may save the securities markets from extending its more than 13 percent fall so far this year, Securities Times cited unidentified sources as saying today.
The Shanghai Composite Index lost 0.91 percent to 2,420.94. The benchmark index opened at 2,412, the lowest in more than 14 months after the US financial markets took a big hit yesterday, with both stocks and commodities suffering massive sell-offs as the Federal Reserve's bleak outlook on the economy and poor economic data added to fears of a double-dip recession.
Jiangxi Copper suffered a loss of 3.68 percent to 28 yuan. PetroChina was down 0.73 percent to 9.53 yuan. Xinjiang Bayi Iron & Steel Co tumbled 5.94 percent to 10.68 yuan.
Losses among developers and banks reinforced the falling trend.
China Vanke Co skipped 1.07 percent to 7.38 yuan. The Bank of Communications shed 1.32 percent to 4.50 yuan.
Shanghai Securities News said today some trust fund firms had halted their real estate trust business.
China's central bank has asked commercial banks to maintain a stable loan-to-deposit ratio during the National Day holiday which begins on October 1, the Oriental Morning Post reported today, citing unidentified sources. The difference of banks' outstanding deposits on September 30 and on October 8 must not exceed 5 percent, the newspaper said.
Meanwhile, China's social security fund plans to invest more than 10 billion yuan in the nation's stock market, a move that may save the securities markets from extending its more than 13 percent fall so far this year, Securities Times cited unidentified sources as saying today.
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