CHINA FEELS THE CHILL OF COOLING-OFF POLICY

 
By Andrew Wood in Hong Kong, Louise Lucas in Tokyo and Sarah O'Connor 
Tuesday, November 13, 2007
 
Chinese stocks took a tumble yesterday after the central bank raised the bank reserve requirement, for the ninth time this year, to cool off the economy.

It sparked a sell-off that knocked as much as 5 per cent from the benchmark index.

After a late rally the Shanghai Composite closed down 2.4 per cent at 5,187.74 points, continuing a bearish run in which the index last week suffered its biggest five-day drop in a decade.

Bank stocks slipped as investors worried that the 50 basis point rise in the reserve requirement – to a record 13.5 per cent – would constrain loan growth and profit margins for lenders.

“We expect much tighter liquidity for the rest of 2007,” said Lan Xue, head of China research at Citibank.

“As a result, we believe the strong performance for the banking sector, in particular for the small and medium-sized banks, is unlikely to be repeated in the near future.”

Huaxia Bank lost 2.9 per cent to Rmb19.19 while Industrial and Commercial Bank of China, the index's biggest stock, fell 2.2 per cent to Rmb8.17.

ICBC suffered in Hong Kong too, losing 5 per cent to HK$6.10.

It was not alone: the benchmark Hang Seng shed more than 1,000 points – 3.9 per cent – to close at 27,665.73, its lowest level in five weeks.

Oil stocks led the decline as crude prices slipped back. Sinopec and PetroChina tumbled 8.2 per cent and 7.3 per cent respectively to HK$10.04 and HK$14.96.

China Eastern suffered the day's biggest plunge, losing 17 per cent – its largest drop since the September 11 terror attacks – to HK$1.34 after investors abandoned hope of a bidding war for the stake the company is selling to Singapore Airlines.

Hong Kong's mood was hit by talk that the scheme to allow mainland citizens to invest directly in Hong Kong-listed shares would be delayed by at least a quarter. Hong Kong-listed China stocks, or H-shares, have surged 40 per cent in the past three months in expectation of the scheme. They fell 6 per cent yesterday.

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经济降温政策拖低中国股市

 
英国《金融时报》安德鲁•伍德(Andrew Wood)香港、路易丝•卢卡斯(Louise Lucas)东京及Sarah O'Connor报道
2007年11月13日 星期二


 
中国股市昨日大跌，此前央行年内第九次上调银行存款准备金率，以便为经济降温。

此举引发了一轮抛售，使得基准指数盘中跌幅一度高达5%。

在尾盘出现反弹之后，上证综合指数收盘下跌2.4%，收于5,187.74点，延续了下跌走势。上周，该指数出现了10年来最大的5日跌幅。

银行类股走低，因投资者担心，存款准备金率上调50个基点——至创纪录的13.5%——将抑制银行的贷款增长和利润率。

花旗集团中国研究部主管薛澜表示：“我们预计2007年的剩余时间内，流动性将明显收紧。”

“因此，我们认为在近期内，银行类股（特别是中小银行）不太可能重复其强劲表现。”

华夏银行(Huaxia Bank)下跌2.9%至19.19元人民币，而在指数中权重最大的中国工商银行(Industrial and Commercial Bank of China)下跌2.2%，收于8.17元人民币。

工行在香港股市亦下跌5%至6.10港元。

工行的走势并非个案：基准的恒生指数昨日跌逾1000点，收于27,665.73点，跌幅为3.9%，创5周低点。

石油类股领跌，原因是原油价格回落。中石化(Sinopec)和中石油(PetroChina)分别大跌8.2 per%和7.3%，收于10.04港元和14.96港元。

中国东方航空(China Eastern) 跌幅为当日之首，该股暴跌17%至1.34港元，创911恐怖袭击以来最大（单日）跌幅。此前投资者放弃了围绕该公司将出售给新加坡航空 (Singapore Airlines)的股权将爆发一场竞购战的希望。

有关允许内地居民直接投资港股的“港股直通车”计划将推迟至少一个季度的传闻，打击了香港市场人气。由于对上述计划的预期，过去3个月，在港上市的内地股票（H股）飙升了40%。在昨日交易中，H股指数下跌6%。