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Stocks down as monetary easing rumors dispelled
By Lu Nengneng |
March 12, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell today after the head of the central bank dispelled market speculation of monetary policy easing.
The benchmark Shanghai Composite Index dropped 0.19 percent to 2,434.86 points. Turnover stood at 108 billion yuan (US$ 17 billion).
The index set a bearish note for this week after Zhou Xiaochuan, head of People's Bank of China, said this morning at a press conference of the ongoing National People's Congress that the reserve requirement ratio cuts for commercial banks do not mean the monetary policies were being eased.
The remarks spooked investors who look forward to further liquidity injections for the financial system and also dragged down banks, which were among the biggest losers today. Bank of Communications lost 1.22 percent to 4.86 yuan. China CITIC Bank shed 1.1 percent to 4.49 yuan.
Property developers followed suit after Zhou added that money unleashed by the ratio cuts, which aims to benefit every aspect of China's economy instead of any particular industry, will not all flow into the real estate sector.
China Vanke, the country's biggest developer, slumped 2.91 percent to 8.35 yuan. Poly Real Estate tumbled 3.85 percent to 11.23 yuan.
Insurers were also down for fear of risk exposure caused by any steep slump in housing prices. China Pacific Insurance sank 1.61 percent to 20.19 yuan. China Life Insurance, the country's biggest insurer, fell 1.3 percent to 17.47 yuan.
The benchmark Shanghai Composite Index dropped 0.19 percent to 2,434.86 points. Turnover stood at 108 billion yuan (US$ 17 billion).
The index set a bearish note for this week after Zhou Xiaochuan, head of People's Bank of China, said this morning at a press conference of the ongoing National People's Congress that the reserve requirement ratio cuts for commercial banks do not mean the monetary policies were being eased.
The remarks spooked investors who look forward to further liquidity injections for the financial system and also dragged down banks, which were among the biggest losers today. Bank of Communications lost 1.22 percent to 4.86 yuan. China CITIC Bank shed 1.1 percent to 4.49 yuan.
Property developers followed suit after Zhou added that money unleashed by the ratio cuts, which aims to benefit every aspect of China's economy instead of any particular industry, will not all flow into the real estate sector.
China Vanke, the country's biggest developer, slumped 2.91 percent to 8.35 yuan. Poly Real Estate tumbled 3.85 percent to 11.23 yuan.
Insurers were also down for fear of risk exposure caused by any steep slump in housing prices. China Pacific Insurance sank 1.61 percent to 20.19 yuan. China Life Insurance, the country's biggest insurer, fell 1.3 percent to 17.47 yuan.
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