China shares outlook - Lower after bank reserve requirement hike
Posted by ~Ray @ 2007-09-15 12:02:05
SHANGHAI (XFN-ASIA) - China are expected to open lower after the central bank announced a hike in the tip reserve requirement the seventh such move this year dealers said. The People's tip of China said late yesterday that the reserve requirement will be raised by 0.5 percentage points effective on Sept 25. Analysts said although the move to curb liquidity is not directly aimed at the capital markets it may trigger a pullback after the main index hit record levels yesterday. Yesterday the benchmark Shanghai Composite Index closed up 82.94 points or 1.56 pct at a new high of 5,393.66. Banking shares could be hit with worrying that growth could slow as banks be to set aside more reserves. Yesterday the Shanghai A-share Index was up 87.27 points or 1.56 pct at 5,663.96 on turnover of 164.33 bln yuan and the Shenzhen A-share list was up 10.79 points or 0.70 pct at 1,561.88 on turnover of 84.52 bln yuan.(1 usd = 7.54 yuan)lilian wu@xfn com-xfnlw/xfntmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved. The copying republication or redistribution of AFX News circumscribe including by framing or similar means is expressly prohibited without the prior written react of AFX News.
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