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Fewer loans in September hurts investor confidence
By Ye Zhen |
October 11, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated for the first time this week after reports said China's four largest banks issued fewer loans in September.
The key Shanghai Composite Index fell 0.26 percent to 2,114.51 points. Turnover was 32.2 billion yuan (US$5.1 billion) by midday.
China's four largest state-owned lenders -- Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China -- issued 166 billion yuan of new loans last month, a decrease of about 50 billion yuan from August, according to the 21st Century Business Herald.
A sharp drop in car sales last month also weighted on market sentiment. Data from the China Association of Automobile Manufacturers showed that the September sales of cars and commercial vehicles fell 1.8 percent year on year nationwide, down from a growth of 8.3 percent in August.
SAIC Motor Corporation Limited lost 1.6 percent to 13.48 yuan. Beiqi Foton Motor Co dropped 2 percent to 6.26 yuan. Guangzhou Automobile Group Co skidded 1.5 percent to 5.35 yuan.
Shipbuilders also fell. CSSC Jiangnan Heavy Industry Co decreased 2.6 percent to 14.70 yuan. China CSSC Holdings Limited dropped 2.5 percent to 20.39 yuan. China Shipbuilding Industry Co shed 1.7 percent to 4.75 yuan.
Most cement producers gained. Anhui Conch Cement Co, China's biggest cement producer, rose 1.5 percent to 16.24 yuan. Zhejiang Jianfeng Group added 0.6 percent to 10.58 yuan. But Gansu Qilianshan Cement Group lost 2 percent to 11.50 yuan.
The key Shanghai Composite Index fell 0.26 percent to 2,114.51 points. Turnover was 32.2 billion yuan (US$5.1 billion) by midday.
China's four largest state-owned lenders -- Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China -- issued 166 billion yuan of new loans last month, a decrease of about 50 billion yuan from August, according to the 21st Century Business Herald.
A sharp drop in car sales last month also weighted on market sentiment. Data from the China Association of Automobile Manufacturers showed that the September sales of cars and commercial vehicles fell 1.8 percent year on year nationwide, down from a growth of 8.3 percent in August.
SAIC Motor Corporation Limited lost 1.6 percent to 13.48 yuan. Beiqi Foton Motor Co dropped 2 percent to 6.26 yuan. Guangzhou Automobile Group Co skidded 1.5 percent to 5.35 yuan.
Shipbuilders also fell. CSSC Jiangnan Heavy Industry Co decreased 2.6 percent to 14.70 yuan. China CSSC Holdings Limited dropped 2.5 percent to 20.39 yuan. China Shipbuilding Industry Co shed 1.7 percent to 4.75 yuan.
Most cement producers gained. Anhui Conch Cement Co, China's biggest cement producer, rose 1.5 percent to 16.24 yuan. Zhejiang Jianfeng Group added 0.6 percent to 10.58 yuan. But Gansu Qilianshan Cement Group lost 2 percent to 11.50 yuan.
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