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Aug.1 - Shanghai stocks hit another new high despite concerns that some funds may flow out of the bourse after the central bank on Monday ordered commercial banks to set aside more reserve money.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B chips, rose 0.68 percent to close at 4,471.03. The Shenzhen Composite Index, which covers the smaller mainland stock market, gained 1.29 percent to 1,291.31. The People's Bank of China announced yesterday evening that the reserve ratio – the amount of money a bank must deposit at the central bank – would increase 0.5 percentage points to 12 percent on yuan deposits starting August 15, the sixth time it has raised the ratio this year. Bank stocks recorded a widespread drop in today's trading because the increase will cut profits at lenders. Shanghai Pudong Development Co fell 1.83 percent to 40.25 yuan (US$5.32) per share and Bank of Nanjing dropped 2.13 percent to 23.45 yuan. However, Shenzhen Development Bank bucked1 the trend and jumped 5.94 percent to 36.23 yuan. Xinjiang Ba Yi Iron & Steel Co jumped the 10-percent daily ceiling to finish at 9.44 yuan after the country's biggest steel maker2 Baosteel Group Corp agreed to buy a 53 percent stake in it. Baosteel's shares were unchanged at 13.49 yuan. China Yangtze Power Co revised its first-half profit higher. Profit in the first six months rose to 2.26 billion yuan, jumping 72 percent from a year earlier, the operator of the world's biggest hydropower project said today. Its previous report said first-half profit was 2.25 billion yuan. The news spurred its shares to jump 5.86 percent to close at 17.81 yuan. Yunnan Copper3, the country's third-biggest copper maker, surged 9.8 percent to finish at 48.92 yuan.
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