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Stocks slump as liquidity, housing policies drain confidence
By Lu Nengneng |
February 13, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly down today as tight liquidity and the government's unfaltering efforts to cool down housing prices led the market into a new round of consolidation.
The Shanghai Composite Index dipped 0.01 percent to 2,351.86 points, after recovering losses of up to 1.12 percent earlier in the day. Turnover stood at 77.7 billion yuan (US$ 12.4 billion).
After four straight winning weeks, such a start to the trading week cast uncertainty on the future market trend. Bullish forces that had gathered during the previous advance seemingly dispersed after last Friday's financial data provided a grim reminder of their diminishing ammunition.
The central bank announced last Friday after the close of trade that the annual growth of broad M2 money supply had decelerated in January to 12.4 percent from 13.6 percent in December. And the slowdown of newly granted loans, placed at 738.1 billion yuan in January and below the anticipated 1 trillion yuan, further fanned speculation of a mounting liquidity crunch in the market.
Banks were among the biggest losers across the board. Industrial and Commercial Bank of China slid 0.46 percent to 4.37 yuan. China Construction Bank lost 0.61 percent to 4.86 yuan.
Property developers also paced the retreat after a stimulus package to revive the housing market in Wuhu city of Anhui Province was brought to a halt, indicating the central government's unwavering stance on fighting housing inflation.
Poly Real Estate slumped 3.12 percent to 10.57 yuan. China Vanke, the nation's largest developer, sunk 1.91 percent to 7.7 yuan.
The Shanghai Composite Index dipped 0.01 percent to 2,351.86 points, after recovering losses of up to 1.12 percent earlier in the day. Turnover stood at 77.7 billion yuan (US$ 12.4 billion).
After four straight winning weeks, such a start to the trading week cast uncertainty on the future market trend. Bullish forces that had gathered during the previous advance seemingly dispersed after last Friday's financial data provided a grim reminder of their diminishing ammunition.
The central bank announced last Friday after the close of trade that the annual growth of broad M2 money supply had decelerated in January to 12.4 percent from 13.6 percent in December. And the slowdown of newly granted loans, placed at 738.1 billion yuan in January and below the anticipated 1 trillion yuan, further fanned speculation of a mounting liquidity crunch in the market.
Banks were among the biggest losers across the board. Industrial and Commercial Bank of China slid 0.46 percent to 4.37 yuan. China Construction Bank lost 0.61 percent to 4.86 yuan.
Property developers also paced the retreat after a stimulus package to revive the housing market in Wuhu city of Anhui Province was brought to a halt, indicating the central government's unwavering stance on fighting housing inflation.
Poly Real Estate slumped 3.12 percent to 10.57 yuan. China Vanke, the nation's largest developer, sunk 1.91 percent to 7.7 yuan.
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