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Index drops on worries over lack of liquidity
By Lilith Hu |
December 20, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday after a three-day gain due to profit-taking and a fall in market sentiment over fears of a liquidity crunch.
The Shanghai Composite Index shed 0.1 percent to 2,162.24 points yesterday, trimming its weekly gains.
Soochow Securities Co said in a report that domestic enterprises have difficulty getting bank loans, and equity financing almost stopped amid a sluggish stock market.
"The companies have no choice but seek debt financing and (borrow from) shadow banking. So the real economy has poor liquidity," the brokerage said.
Meanwhile, foreign direct investment in China fell 5.4 percent year on year in November, extending October's drop of 0.24 percent, according to the Ministry of Commerce.
Most financial stocks declined. The Industrial and Commercial Bank of China, the country's biggest bank, lost 0.5 percent to 4.10 yuan (66 US cents). Citic Securities Co, China's biggest listed brokerage, lost 0.3 percent to 11.8 yuan.
The Shanghai Composite Index shed 0.1 percent to 2,162.24 points yesterday, trimming its weekly gains.
Soochow Securities Co said in a report that domestic enterprises have difficulty getting bank loans, and equity financing almost stopped amid a sluggish stock market.
"The companies have no choice but seek debt financing and (borrow from) shadow banking. So the real economy has poor liquidity," the brokerage said.
Meanwhile, foreign direct investment in China fell 5.4 percent year on year in November, extending October's drop of 0.24 percent, according to the Ministry of Commerce.
Most financial stocks declined. The Industrial and Commercial Bank of China, the country's biggest bank, lost 0.5 percent to 4.10 yuan (66 US cents). Citic Securities Co, China's biggest listed brokerage, lost 0.3 percent to 11.8 yuan.
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