Chinese shares open lower on first day in Year of Tiger

13:15, February 22, 2010      

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Chinese equities opened lower on Monday, the first trading day in the Year of the Tiger, after a nine-day break.

The benchmark Shanghai Composite Index shed 0.05 percent, or 1.43 points, to open at 3,016.7 points. The Shenzhen Component Index declined 0.05 percent, or 5.67 points, to 12,299.11 points at the opening.

Chinese shares rose notably in the Year of the Ox, with the key Shanghai index jumping more than 50 percent to close at 3,018.13 points on Feb. 12, the last trading day in the Year of the Ox.

The People's Bank of China (PBOC), the country's central bank, announced on Feb. 12 after the closing of the stock market that it would raise the deposit reserve requirement ratio (RRR) for Chinese financial institutions by 0.5 percentage points from Feb. 25 this year.

The move targets the "comparatively loose liquidity" while keeping the "moderately easy" monetary policy unchanged, according to the PBOC.

While the Chinese stock market was at a break, the Wall Street has been advanced for four days in a row on Friday as concerns over European debt problems waned and investors turned their attention to the signs of economic recovery inside the United States.

As of Friday's close, the Dow Jones inched up 0.09 percent, to 10,402.35. The Standard & Poor's 500 index rose 0.22 percent to 1,109.17 and the Nasdaq edged up 0.1 percent to 2,243.87.

Source: Xinhua
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