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Market Update : 
Shanghai Fell 3%, Hong Kong Up 1.6%
Author: 123jump.com Staff
123jump.com
Last Update: 10:16 AM EDT April 17 2008

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China increased its reserve ratio requirements for banks to 16% and may increase again if economy does not slow down. Economists are expecting central bank to authorize additional tightening measures after a surge in inflation and rapid rise in property prices and food and energy costs. In Hong Kong trading, Hang Seng rose 1.6% to 24,258 but in Shanghai CSI 300 index fell 3% to 3,386. China reported a total international investment of $92 billion at the end of 2007.

 
Property companies stocks increased. China Overseas gained 3.6% and Hang Lung Property increased 2.6%. However utilities Shanghai Electric fell 6.6% and Datang Power declined 1.8%.

Huaneng Power International shed 0.6% after the company’s first quarter profit fell by more than 50%. Citigroup also downgraded its rating on the stock from “buy” to “sell”.
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