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Stocks drop most in a week on liquidity, EU debt woes
By Lu Nengneng |
February 14, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped the most in a week as a liquidity supply shortage and the worsening European debt crisis dragged down investor spirits.
The Shanghai Composite Index sank 0.3 percent to 2,344.77 points. Turnover shrank to 66.2 billion yuan (US$ 10.5 billion) from yesterday's 77.7 billion yuan.
The broad M2 monetary supply growth eased to 12.4 percent in January from a year earlier compared with 13.6 percent in December while the Consumer Price Index, a key gauge of inflation, rebounded with 4.5 percent annual growth in January from 4.1 percent in December, making it less likely for any monetary easing in the near future.
Banks lead the retreat after reports that they may bear the risk caused by local governments' approaching debt repayment. Industrial and Commercial Bank of China, the country's biggest lender, fell 0.46 percent to 4.35 yuan. China CITIC Bank slumped 1.35 percent to 4.4 yuan.
On the other hand, the credit rating downgrade of Italy, Portugal and Spain by Moody's yesterday enhanced investors' awareness of the external financial turmoil, and the uncertainty of China's economy that has a close connection with Europe.
The continent, which is undergoing a sovereign debt crisis, is China's largest trading partner and makes up about 18 percent of the nation's overseas shipments, according to Shenyin & Wanguo Securities.
China Ocean Shipping, better known as COSCO, fell 0.74 percent to 5.39 yuan. China Shipping Development lost 0.79 percent to 6.29 yuan.
The hotel industry continued its strong performance from the morning, making it the sector that rose the most during Valentine's Day. Dong Fang Hotel jumped by the daily 10 percent limit to 7.43 yuan. Shenzhen Century Plaza Hotel gained 4.69 percent to 4.24 yuan.
The Shanghai Composite Index sank 0.3 percent to 2,344.77 points. Turnover shrank to 66.2 billion yuan (US$ 10.5 billion) from yesterday's 77.7 billion yuan.
The broad M2 monetary supply growth eased to 12.4 percent in January from a year earlier compared with 13.6 percent in December while the Consumer Price Index, a key gauge of inflation, rebounded with 4.5 percent annual growth in January from 4.1 percent in December, making it less likely for any monetary easing in the near future.
Banks lead the retreat after reports that they may bear the risk caused by local governments' approaching debt repayment. Industrial and Commercial Bank of China, the country's biggest lender, fell 0.46 percent to 4.35 yuan. China CITIC Bank slumped 1.35 percent to 4.4 yuan.
On the other hand, the credit rating downgrade of Italy, Portugal and Spain by Moody's yesterday enhanced investors' awareness of the external financial turmoil, and the uncertainty of China's economy that has a close connection with Europe.
The continent, which is undergoing a sovereign debt crisis, is China's largest trading partner and makes up about 18 percent of the nation's overseas shipments, according to Shenyin & Wanguo Securities.
China Ocean Shipping, better known as COSCO, fell 0.74 percent to 5.39 yuan. China Shipping Development lost 0.79 percent to 6.29 yuan.
The hotel industry continued its strong performance from the morning, making it the sector that rose the most during Valentine's Day. Dong Fang Hotel jumped by the daily 10 percent limit to 7.43 yuan. Shenzhen Century Plaza Hotel gained 4.69 percent to 4.24 yuan.
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