China's stocks close mixed Friday, with banks down, coal miners up

19:14, October 22, 2010      

Email | Print | Subscribe | Comments | Forum 

Chinese shares ended mixed Friday, with the Shanghai Composite Index driven lower by banks as investors grew concerned about higher interest rates.

The benchmark Shanghai Composite Index closed 0.28 percent, or 8.49 points, lower at 2,975.04.

The Shenzhen Component Index climbed 0.87 percent, or 113.46 points, to finish at 13,224.98.

Combined turnover dropped slightly to 353 billion yuan (53.02 billion U.S. dollars) from 360.8 billion yuan the previous trading day.

Gainers outnumbered losers 472 to 387 in Shanghai and 772 to 306 in Shenzhen.

Banks declined amid speculation that interest rates will rise after official data released Thursday showed the September consumer price index hitting a 23-month high of 3.6 percent.

Zhou Xiaochuan, governor of China's central bank, said in a statement on the bank's website Thursday the risks of excessive liquidity, inflation, asset bubbles and bad loans will "increase significantly."

The government has a full-year inflation target of 3 percent.

Industrial and Commercial Bank of China shares lost 0.67 percent to finish at 4.48 yuan while Bank of China shares shed 1.41 percent to close at 3.50 yuan.

Coal stocks gained after the government Thursday urged industry consolidation.

Datong Coal Industry Co. jumped 3.82 percent to 25.81 yuan while Anhui Hengyuan Coal-Electricity Group Co. added 1.54 percent to finish at 49.55 yuan.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion