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Banks hit by loan squeeze as index falls
By Pan Xiaoyi |
October 29, 2009, Thursday
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Online Edition
Online Edition
SHANGHAI'S market lost more than 2 percent today with a weak performance by banks after China's banking regulator tightened the oversight of personal loans.
The benchmark Shanghai Composite Index decreased 2.34 percent, or 70.86 points, to close at 2,960.47 points. Turnover rose to 117.3 billion yuan (US$17.25 billion) from 114.2 billion yuan. Losers outnumbered gainers 742 to 134, and 4 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.17 percent to close at 1,043.95 points.
China Banking Regulatory Commission said on its Website yesterday that it will tighten the oversight of personal loans to step up its efforts to prevent capital flowing into the stock market and property sector. The draft rule stipulated that loans exceeding 300,000 yuan will be given directly to the counterparty of the borrower rather than the borrower.
Industrial & Commercial Bank of China, the nation's biggest lender, decreased 2.2 percent to 4.95 yuan. Shanghai Pudong Development Bank lost 1.2 percent to 21.57 yuan. China Construction Bank buckled 1.9 percent to close at 5.79 yuan. Bank of Communications lost 3.2 percent to 8.48 yuan.
Metal producers were also weak. Yunnan Copper Co slid 5.5 percent to 29.57 yuan. Shandong Gold Mining Co retreated 2.9 percent to 64.72 yuan. Aluminum Corporation of China Ltd slumped 6.4 percent to 13.52 yuan. Zijin Mining Co decreased 3 percent to 8.99 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 3.8 percent to 11.48 yuan. Gemdale Corporation fell 4.3 percent to 15.09 yuan. Poly Real Estate Group lost 3.8 percent to 25.41 yuan.
China Coal Energy Co, the nation's second biggest fuel producer, said third quarter profit fell 36 percent to 1.41 billion yuan. Its shares dropped 4.8 percent to 12.94 yuan.
Drug makers were among the gainers as government purchasing of swine flu vaccines is expected to boost their revenue. Hualan Biological Engineering Inc jumped 5 percent to 59.5 yuan. Jiangsu Lianhuan Pharmaceutical Co surged by the daily limit of 10 percent to 12.38 yuan.
The benchmark Shanghai Composite Index decreased 2.34 percent, or 70.86 points, to close at 2,960.47 points. Turnover rose to 117.3 billion yuan (US$17.25 billion) from 114.2 billion yuan. Losers outnumbered gainers 742 to 134, and 4 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.17 percent to close at 1,043.95 points.
China Banking Regulatory Commission said on its Website yesterday that it will tighten the oversight of personal loans to step up its efforts to prevent capital flowing into the stock market and property sector. The draft rule stipulated that loans exceeding 300,000 yuan will be given directly to the counterparty of the borrower rather than the borrower.
Industrial & Commercial Bank of China, the nation's biggest lender, decreased 2.2 percent to 4.95 yuan. Shanghai Pudong Development Bank lost 1.2 percent to 21.57 yuan. China Construction Bank buckled 1.9 percent to close at 5.79 yuan. Bank of Communications lost 3.2 percent to 8.48 yuan.
Metal producers were also weak. Yunnan Copper Co slid 5.5 percent to 29.57 yuan. Shandong Gold Mining Co retreated 2.9 percent to 64.72 yuan. Aluminum Corporation of China Ltd slumped 6.4 percent to 13.52 yuan. Zijin Mining Co decreased 3 percent to 8.99 yuan.
China Vanke Co, the biggest listed domestic real estate developer, lost 3.8 percent to 11.48 yuan. Gemdale Corporation fell 4.3 percent to 15.09 yuan. Poly Real Estate Group lost 3.8 percent to 25.41 yuan.
China Coal Energy Co, the nation's second biggest fuel producer, said third quarter profit fell 36 percent to 1.41 billion yuan. Its shares dropped 4.8 percent to 12.94 yuan.
Drug makers were among the gainers as government purchasing of swine flu vaccines is expected to boost their revenue. Hualan Biological Engineering Inc jumped 5 percent to 59.5 yuan. Jiangsu Lianhuan Pharmaceutical Co surged by the daily limit of 10 percent to 12.38 yuan.
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