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Stocks resume fall on banking, property news
By Ding Yining and FengJianmin |
August 29, 2011, Monday
|
Online Edition
Online Edition
THE Shanghai market fell for the second day asfears over more tightening measures soured sentiment among financial and property shares.
The benchmark Shanghai Composite Index was down 1.37 percent, or 35.78 points, to 2,576.41 points. Turnover was 78.4 billion yuan (US$12.3 billion).
Reuters reported on Friday that China has ordered banks to include their margin deposits in required reserves as the central bank steps up ways to mop up excessive liquidity.
Barclays analysts estimated in a research note today that around 900 billion yuan will be drained from the banking system under the new requirement.
China Construction Bank fell 1.32 percent to 4.50 yuan. China Life Insurance Co was down 2.3 percent to 15.87 yuan. Shanghai Pudong Development Bank retreated 3.1 percent to 9.17 yuan.
Beijing Times newspaper reported today the housing ministry is setting up a registration system to track the number of homes owned by individuals in more than 40 cities, dragging down property stocks.
China Vanke Co, the country's largest listed real estate developer, was down 2.5 percent to 8.17 yuan. Gemdale Corporation sank 3.3 percent to 6.18 yuan. China Merchants Property Development Co retreated 3.6 percent to 19.49 yuan.
The benchmark Shanghai Composite Index was down 1.37 percent, or 35.78 points, to 2,576.41 points. Turnover was 78.4 billion yuan (US$12.3 billion).
Reuters reported on Friday that China has ordered banks to include their margin deposits in required reserves as the central bank steps up ways to mop up excessive liquidity.
Barclays analysts estimated in a research note today that around 900 billion yuan will be drained from the banking system under the new requirement.
China Construction Bank fell 1.32 percent to 4.50 yuan. China Life Insurance Co was down 2.3 percent to 15.87 yuan. Shanghai Pudong Development Bank retreated 3.1 percent to 9.17 yuan.
Beijing Times newspaper reported today the housing ministry is setting up a registration system to track the number of homes owned by individuals in more than 40 cities, dragging down property stocks.
China Vanke Co, the country's largest listed real estate developer, was down 2.5 percent to 8.17 yuan. Gemdale Corporation sank 3.3 percent to 6.18 yuan. China Merchants Property Development Co retreated 3.6 percent to 19.49 yuan.
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