Corporate bond default woes pull index lower
Print Edition
SHANGHAI stocks yesterday fell for the second straight day over concerns the first corporate bond default on China’s mainland may weigh on the financial system.
The Shanghai Composite Index dipped 0.08 percent to 2,057.91 points.
Shanghai Chaori Solar Energy Science & Technology Co said in a statement on Wednesday that it couldn’t pay fully 89.8 million yuan (US$14.7 million) due yesterday to bond holders.
“The market will become more concerned about issuers’ credit worthiness in future. Meanwhile, it also weighs on financial institutions’ risk control,” the Agricultural Bank of China, the country’s third-biggest lender, said in a note yesterday.
The bond default has also renewed investor concerns about the health of the world’s second-biggest economy, BNP Paribas said in a report.
Investors have “turned bearish on China again with renewed concerns about financial risk, the property market and an economic hard landing,” the Paris-based bank said.
Industrial Securities Co fell 1.7 percent to 8.32 yuan. Everbright Securities Co shed 1.4 percent to 7.89 yuan. CITIC Securities Co lost 1.2 percent to 10.52 yuan.
The Industrial Bank dipped 0.9 percent to 9.03 yuan. Shanghai Pudong Development Bank fell 0.8 percent to 8.73 yuan.
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