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Stocks flat under EU debt shadow
By Feng Jianmin |
October 19, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was flat in the morning session as concerns over the European debt crisis overshadowed optimism on improving market liquidity.
The benchmark Shanghai Composite Index edged up 0.06 percent and closed at 2,385.03 percent in the morning session. Turnover fell to 33.2 billion yuan (US$5.2 billion) from yesterday morning's 39.5 billion yuan.
The seven-day repurchase rate, a measure of the cost of borrowing among banks, fell 0.14 percentage points from a week-high of 3.49 percent yesterday, indicating easing liquidity pressures.
Meanwhile, concerns over the European debt crisis worsened after Moody's downgraded Spain from Aa2 to A1.
Railway-related shares rallied after the central government pledged its support to the fundraising activities of the Ministry of Railways. Jinxi Axle Co jumped 7.8 percent to 12.09 yuan. CSR, a major carriage builder in China, rose 1.6 percent to 5 yuan.
Banks were mixed. Agricultural Bank of China dipped 0.8 percent to 2.60 yuan. Industrial and Commercial Bank of China, the largest bank in China, inched up 0.5 percent to 4.19 yuan.
The benchmark Shanghai Composite Index edged up 0.06 percent and closed at 2,385.03 percent in the morning session. Turnover fell to 33.2 billion yuan (US$5.2 billion) from yesterday morning's 39.5 billion yuan.
The seven-day repurchase rate, a measure of the cost of borrowing among banks, fell 0.14 percentage points from a week-high of 3.49 percent yesterday, indicating easing liquidity pressures.
Meanwhile, concerns over the European debt crisis worsened after Moody's downgraded Spain from Aa2 to A1.
Railway-related shares rallied after the central government pledged its support to the fundraising activities of the Ministry of Railways. Jinxi Axle Co jumped 7.8 percent to 12.09 yuan. CSR, a major carriage builder in China, rose 1.6 percent to 5 yuan.
Banks were mixed. Agricultural Bank of China dipped 0.8 percent to 2.60 yuan. Industrial and Commercial Bank of China, the largest bank in China, inched up 0.5 percent to 4.19 yuan.
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