Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Finance Tools: Save | Print | E-mail | Most Read | Comment
Index falls at midday on policy concerns
Adjust font size:

Shanghai's key stock index fell this morning as investors showed concern that more tight monetary policies may come out to tame inflation after the central bank yesterday said money supply unexpectedly grew at the fastest pace in 20 months in January.

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, lost 1.63 percent, or 74.25 points, to 4,478.07.

Losers in the Shanghai market outnumbered gainers 630 to 187 while six were unchanged.

The Shenzhen Composite Index, which covers the mainland's smaller stock market, shed 1.10 percent, or 15.15 points, to 1,365.97.

Banks were among the decliners this morning.

The Industrial & Commercial Bank of China, the nation's biggest lender, buckled 2.17 percent, or 0.15 yuan (2 US cents), to 6.77 yuan. Pudong Development Bank, the Chinese partner of Citigroup Inc, fell 1.98 percent, or 0.99 yuan, to 49.04 yuan.

China's money supply unexpectedly grew at the fastest pace in 20 months in January. M2, the broadest measure, rose 18.9 percent to 41.78 trillion yuan from a year earlier, the People's Bank of China said.

Shares also fell after China Railway Construction Corp said it would sell equity to the public for the first-time, sapping demand for existing securities.

China Railway Construction, the nation's largest building contractor, said it will begin selling 2.8 billion A shares, or 25.93 percent of its enlarged share capital, to investors from February 25.

Ping An Insurance (Group) Co, China's second-biggest insurer dipped this morning. The insurer said its premium income totaled 14.5 billion yuan in January as the country's economic growth boosted demand. The stock lost 0.13 percent, or 0.10 yuan, to 74.30 yuan.

On the positive side, China United Telecommunications Corp, which controls the nation's second-largest cell phone operator, rose 3.05 percent, or 0.38 yuan, to 12.83 yuan.

The company's Hong Kong-listed unit China Unicom Ltd will adjust call charges to comply with government rules to cut long-distance domestic fees. The adjustments "may have an impact on the revenue of the company," it said yesterday.

China Shipping Development Co increased this morning after it said yesterday that average freight rates will rise about 40 percent this year and it will boost domestic volume seven percent to 89.4 million tons this year from 2007.

The stock gained 1.16 percent, or 0.44 yuan, to finish the morning session at 38.39 yuan.

(Shanghai Daily, February 15, 2008)

Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- Share prices open slightly lower
- HK stocks close sharply higher
- Shares down as Petrochina ban ends
- Blue chips drag index lower at midday
Most Viewed >>
-Airbus sees huge potential in China
-Steel firms may have to accept rise
-Google embarks on free music downloading
-Metals shipments return to normal
-New bankruptcy act for banks proposed

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号