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Stocks index slides more than 1%
By Ding Yining |
August 29, 2011, Monday
|
Online Edition
Online Edition
THE Shanghai market lost more than 1 percent in the morning session after financial shares declined among tighter liquidity concerns and weak performance of property developers.
The benchmark Shanghai Composite Index was down 1.06 percent, or 27.79 points, to 2,584.40 points. Turnover was 44.8 billion yuan (US$7 billion).
Reuters reported on Friday that China has ordered banks to include their margin deposits in required reserves at the central bank to mop up excessive liquidity.
Barclays analysts estimated in a research note today the around 900 billion yuan will be drained from the banking system under the new requirement.
China Construction Bank lowered 1.32 percent to 4.50 yuan. China Life Insurance Co was down 1.91 percent to 15.93 yuan. Shanghai Pudong Development Bank retreated 2.33 percent to 9.24 yuan.
Property developers also dragged down the market after the Beijing Times newspaper reported today China will step up its efforts to curb speculation in the housing market, as the housing ministry is setting up a registration system and database to track the number of homes owned by individuals in more than 40 cities.
China Vanke Co, the country's largest listed real estate developer, was down 1.55 percent to 8.25 yuan. Gemdale Corporation sank 3.29 percent to 6.18 yuan. China Merchants Property Development Co retreated 3.51 percent to 19.50 yuan.
The benchmark Shanghai Composite Index was down 1.06 percent, or 27.79 points, to 2,584.40 points. Turnover was 44.8 billion yuan (US$7 billion).
Reuters reported on Friday that China has ordered banks to include their margin deposits in required reserves at the central bank to mop up excessive liquidity.
Barclays analysts estimated in a research note today the around 900 billion yuan will be drained from the banking system under the new requirement.
China Construction Bank lowered 1.32 percent to 4.50 yuan. China Life Insurance Co was down 1.91 percent to 15.93 yuan. Shanghai Pudong Development Bank retreated 2.33 percent to 9.24 yuan.
Property developers also dragged down the market after the Beijing Times newspaper reported today China will step up its efforts to curb speculation in the housing market, as the housing ministry is setting up a registration system and database to track the number of homes owned by individuals in more than 40 cities.
China Vanke Co, the country's largest listed real estate developer, was down 1.55 percent to 8.25 yuan. Gemdale Corporation sank 3.29 percent to 6.18 yuan. China Merchants Property Development Co retreated 3.51 percent to 19.50 yuan.
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