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Stocks dive 2.14% in response to tightening prospects, 07/04

By Li Zengxin (chinadaily.com.cn)
Updated: 2007-07-04 15:44

Chinese stocks turned down again today, on the news of central bank eyeing moderate tightening monetary policies. Turnover in the two exchanges shrank for the fifth consecutive trading day, to 112.6 billion yuan, the lowest since April.

Dates with monthly lowest turnover(in billion yuan)

The fear for restrictive macro economic policies in the coming months might lead to today's slump, said some analysts. Others said it is only the repercussion of the previous news including the 1.55-trillion special bond issuance and interest tax slash, approved by the legislation last Friday.

China will continue applying consistent and moderate tightening monetary policies in the remaining months of this year, according to the second season conference by the monetary policy committee of the central bank.

Shanghai Composite Index
Source:www.sina.com.cn

The Shanghai Composite Index closed at 3,816.17, down 83.56 points or 2.14 percent from yesterday's closing. Opening higher from 3,906.01, the benchmark index hit the highest 3,916.48 amid frequent fluctuations in the morning, but started to dive deeper in the afternoon and closed a little higher than the lowest 3,800.28, soon before the close.

Of the A shares listed on the Shanghai bourse, 152 went up, 640 dropped and 47 ended unchanged. Gansu Dunhuang Seed grew 10.08 percent to 6.88 yuan as the top gainer, followed by Sichuan Atlantic Welding Consumable, also sealed with the maximum cap of 10 percent growth. Shanghai China Jiangsu Textiles Import and Export Group, however, dropped 9.96 percent to lead the fall.

The Industrial and Commercial Bank of China, with the largest trading volume, dropped 0.06 yuan and Chalco, with the largest transaction value, was down 7.35 percent by the closing.

Shenzhen Component Index
Source:www.sina.com.cn

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, opened higher from 12,798.37 but closed at 12,509.14, 251.92 points or 1.97 percent lower than yesterday's closing. It went through the day within a range from 12,461.78 to 12,860.61.

Of its A shares, 89 were up, 453 went down and 72 ended flat. Gansu Huangtai Wine Marketing Industry again ranked on top of the gainer's list today by a 10.05 hike. But Hunan Jinguo Industrial lost 10 percent as the biggest loser. China Vanke, seeing both the largest trading volume and transaction value, lost 0.09 yuan to press the index down.

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