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Bank squeeze dampens Shanghai index
By Joyce Pan |
January 20, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell nearly 3 percent today, snapping a four-day-winning streak after banks were urged to contain lending to tackle bad loans.
The benchmark Shanghai Composite Index dropped 2.93 percent, or 95.02 points, to close at 3,151.85 points. Turnover swelled to 192.7 billion yuan (US$28.3 billion) from 162.7 billion yuan. Losers outnumbered gainers 773 to 108 while 5 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 3.67 percent to close at 1,191.75 points.
The nation's banks should better pace their lending this year on falling capital-adequacy ratios, said Liu Mingkang, chairman of China Banking Regulatory Commission, at a forum in Hong Kong today.
Premier Wen Jiabao also indicated "relatively loose monetary policy" in a speech yesterday, hinting at a possible exit of the stimulus measures. He added that China will manage the pace of extending loans to prevent financial risks.
Lenders led the decliners. Bank of China inched down 1.68 percent to 4.1 yuan. China Merchants Bank retreated 2.4 percent to 15.86 yuan. China Construction Bank Corp withdrew 2.4 percent to 5.76 yuan. Industrial and Commercial Bank of China lowered 2.6 percent to 4.93 yuan.
Commodity producers extended their losses on lower prices. Jiangxi Copper Co eased 3.1 percent to 37.89 yuan. Aluminum Corp of China slid 3.3 percent to 13.91 yuan. Yunnan Chihong Zinc & Germanium Co sank 3.5 percent to 25.95 yuan and Minmetals Development Co shed 3.8 percent to 19.36 yuan.
The benchmark Shanghai Composite Index dropped 2.93 percent, or 95.02 points, to close at 3,151.85 points. Turnover swelled to 192.7 billion yuan (US$28.3 billion) from 162.7 billion yuan. Losers outnumbered gainers 773 to 108 while 5 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 3.67 percent to close at 1,191.75 points.
The nation's banks should better pace their lending this year on falling capital-adequacy ratios, said Liu Mingkang, chairman of China Banking Regulatory Commission, at a forum in Hong Kong today.
Premier Wen Jiabao also indicated "relatively loose monetary policy" in a speech yesterday, hinting at a possible exit of the stimulus measures. He added that China will manage the pace of extending loans to prevent financial risks.
Lenders led the decliners. Bank of China inched down 1.68 percent to 4.1 yuan. China Merchants Bank retreated 2.4 percent to 15.86 yuan. China Construction Bank Corp withdrew 2.4 percent to 5.76 yuan. Industrial and Commercial Bank of China lowered 2.6 percent to 4.93 yuan.
Commodity producers extended their losses on lower prices. Jiangxi Copper Co eased 3.1 percent to 37.89 yuan. Aluminum Corp of China slid 3.3 percent to 13.91 yuan. Yunnan Chihong Zinc & Germanium Co sank 3.5 percent to 25.95 yuan and Minmetals Development Co shed 3.8 percent to 19.36 yuan.
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