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Stocks flat as central bank maintain prudent monetary policies
By Feng Jianmin |
November 17, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was flat in the morning session after the central bank said it would maintain a "prudent" monetary policy stance due to stubborn inflationary pressure.
The benchmark Shanghai Composite Index edged up 0.03 percent to 2,467.67 points. Turnover fell to 35.6 billion yuan (US$5.6 billion).
"China cannot loosen control over prices because the country is still facing inflationary pressure," the People's Bank of China said in its third-quarter monetary report yesterday.
But it also reiterated Premier Wen Jiabao's pledge to "fine-tune" the monetary policies "at the appropriate time and with appropriate strength to sustain growth."
Property developers were weak amid concerns over the government's measures to contain prices. Poly Real Estate Co fell 0.9 percent to 9.32 yuan. China Vanke was unchanged at 7.29 yuan.
Banks rose. Bank of China edged up 0.3 percent to 2.96 yuan. China Construction Bank rose 1 percent to 4.80 yuan.
The benchmark Shanghai Composite Index edged up 0.03 percent to 2,467.67 points. Turnover fell to 35.6 billion yuan (US$5.6 billion).
"China cannot loosen control over prices because the country is still facing inflationary pressure," the People's Bank of China said in its third-quarter monetary report yesterday.
But it also reiterated Premier Wen Jiabao's pledge to "fine-tune" the monetary policies "at the appropriate time and with appropriate strength to sustain growth."
Property developers were weak amid concerns over the government's measures to contain prices. Poly Real Estate Co fell 0.9 percent to 9.32 yuan. China Vanke was unchanged at 7.29 yuan.
Banks rose. Bank of China edged up 0.3 percent to 2.96 yuan. China Construction Bank rose 1 percent to 4.80 yuan.
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