Cautious investors a drag on key index
Print Edition
Shanghai stocks closed lower yesterday as investors became cautious ahead of an upcoming policy meeting while disappointing earning reports dented market sentiment.
The Shanghai Composite Index shed 0.87 percent to 2,141.61 points. The index ended the month with a 1.5 percent decline, snapping a winning streak of three months.
Shares traded fell to 88.6 billion yuan (US$14.5 billion) from 95.2 billion yuan on Wednesday.
“Investors adopted a cautious approach as indicated by a shrinking turnover and caution is likely to dominate the market before the Third Plenum,” said Shenyin and Wanguo Securities. The brokerage was referring to the meeting of the Communist Party of China Central Committee set for later this month.
The Chinese banks’ third-quarter results released yesterday pointed to a slower profit growth and rising bad loans in the sector.
The Bank of Communications lost 1.6 percent to 4.19 yuan after reporting a 3.4 percent year-on-year increase in third-quarter net profit, down from an 11.7 percent gain during the same period last year. The Agricultural Bank of China shed 0.8 percent to 2.55 yuan after its third-quarter net profit rose 15 percent annually, but it was down from 16 percent growth a year earlier.
Bad loans at China’s four biggest banks climbed 3.5 percent in the three months ended September to 329.4 billion yuan.
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