A-Shares Sink as Central Bank Talks Tightening
The Shanghai Composite Index dropped 1.89% to close at 3,192.78, while the Shenzhen Composite Index declined 1.93% to end at 1,179.99 on January 7. Trading volume on the Shanghai and Shenzhen Stock Exchanges was RMB 157.22 billion and RMB 104.26 billion, respectively.
Bank of Communications (601328.SH) fell 3.46%, China CITIC Bank Corporation (601998.SH) lost 3.40% and China Merchants Bank (600036.SH) shed 2.59%. The People's Bank of China announced January 7 it has issued RMB 60 billion in 91-day bills January 7, raising the interest rate 4.04 basis points to 1.3684%, China Daily reported January 8.
According to an announcement made at the People's Bank of China Work Conference held over January 5-6, China issued new loans worth RMB 9.21 trillion in the first eleven months of 2009, up by RMB 5.06 trillion compared with the same period last year, China Business News reported January 7.
Telecom companies also softened, with ZTE Corporation (000063.SZ) falling 4.61%, China Unicom (600050.SH, NYSE:CHU, 0762.HK) down 2.90% and Datang Telecom Technology (600198.SH) sliding 1.91%.
Real estate developer Beijing Vantone Real Estate (600246.SH) grew 5.70% Shares of Financial Street Holding (000402.SZ) and Poly Real Estate (600048.SH) grew 0.44% and 0.05%, respectively.
China National Chemical Engineering (601117.SH) closed at RMB 5.75 per share on its first day of trading, up 5.89% from its issue price of RMB 5.43 per share.
Form submitted successfully. Thank you.