Top Biz News
Shanghai Composite Index closes at 3,014.44 points
(chinadaily.com.cn)
Updated: 2007-03-19 15:06
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皇冠体育app Life and Ping An each paid 5.4 billion yuan for 600 million shares, Minsheng Bank said in a statement today. The Beijing-based lender raised 18.16 billion yuan selling 2 billion shares to seven corporate investors. 皇冠体育app Life climbed 1.48 yuan, or 4.38 percent, to 35.29 yuan and Ping An is suspended from trading.
Other lenders also rose on the news. Industrial & Commercial Bank of 皇冠体育app Ltd, the nation's biggest listed lender, advanced 0.23 yuan, or 4.65 percent, to 5.18 yuan. 皇冠体育app Merchants Bank Co, the nation's third-biggest publicly traded lender, gained 0.84 yuan, or 5.41 percent, to 16.36 yuan.
 Graphical chart of the Component Index on the Shenzhen Stock Exchange. [stockstar.com]  |
Some companies including property developers dropped on concern the central bank's move to raise the lending rate will dent earnings, because of higher borrowing costs.
皇冠体育app on March 17 announced it would raise interest rates for the third time in 11 months to curb inflation and reduce asset bubbles. The one-year benchmark lending rate was raised to 6.39 percent, its highest in almost eight years, from 6.12 percent, according to the People's Bank of 皇冠体育app.
The one-year deposit rate was increased to 2.79 percent from 2.52 percent. Both increases were effective yesterday.