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Stocks flat on mixed outlook for banking, property plays
By Feng Jianmin |
November 21, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was flat today after China Vice Premier's warnings against risks in global and Chinese financial system caused banking stocks to plunge.
Property developers however gained on speculation over easier policies.
The benchmark Shanghai Composite Index was down 0.06 percent to 2,415.13 points. Turnover fell nearly one third to 49.5 billion (US$7.8 billion) from last Friday.
China's Vice Premier Wang Qishan said the global economic situation was "extremely severe," and warned against risks in China's financial system.
"The global economic recession triggered by the financial crisis will be long term, and China should make its prudent monetary policy more forward looking, targeted and flexible," said Wang over the weekend.
He also said that financial institutions should avoid blind expansion and should prioritize risk management.
Banks fell. Bank of China lost 0.7 percent to 2.91 yuan. Industrial and Commercial Bank of China fell 1.2 percent to 4.25 yuan.
Property developers rose after a report by Renmin University suggested that China might loosen restrictions on the property market in the third quarter of next year, as plummeting prices could slow economic growth.
Poly Real Estate Co rose 0.7 percent to 9.14 yuan. China Merchants Property Development Co added 0.6 percent to 13.11 yuan.
Property developers however gained on speculation over easier policies.
The benchmark Shanghai Composite Index was down 0.06 percent to 2,415.13 points. Turnover fell nearly one third to 49.5 billion (US$7.8 billion) from last Friday.
China's Vice Premier Wang Qishan said the global economic situation was "extremely severe," and warned against risks in China's financial system.
"The global economic recession triggered by the financial crisis will be long term, and China should make its prudent monetary policy more forward looking, targeted and flexible," said Wang over the weekend.
He also said that financial institutions should avoid blind expansion and should prioritize risk management.
Banks fell. Bank of China lost 0.7 percent to 2.91 yuan. Industrial and Commercial Bank of China fell 1.2 percent to 4.25 yuan.
Property developers rose after a report by Renmin University suggested that China might loosen restrictions on the property market in the third quarter of next year, as plummeting prices could slow economic growth.
Poly Real Estate Co rose 0.7 percent to 9.14 yuan. China Merchants Property Development Co added 0.6 percent to 13.11 yuan.
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