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Index falls to 7-week low over glut fear
By Ye Zhen |
November 16, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks tumbled to a seven-week low yesterday as non-tradable share holders cut their holdings, which may lead to a glut of shares.
The Shanghai Composite Index fell 1.2 percent to 2,030.29 points, the lowest close since September 26.
Some 320 million non-tradable shares were sold last month after they were allowed to circulate in the Shanghai and Shenzhen stock markets, up 79 percent from the 179 million shares unloaded in September, data from the China Securities Depository and Clearing Corporation Ltd showed.
The rush to trim holdings of non-tradable shares will lead to an oversupply of shares and hurt prices. ''The unloading will weigh on the market and add to pessimism among investors,'' Galaxy Securities said.
Lenders fell as bad loans in China's commercial banks rose by 22.4 billion yuan (US$3.6 billion) to 478.8 billion yuan in the third quarter, accounting for 0.95 percent of total lending and up from 0.94 percent in the previous quarter, the China Banking Regulatory Commission said yesterday.
China Construction Bank lost 2.3 percent to 4.18 yuan. The Bank of Communications declined 0.9 percent to close at 4.18 yuan.
The Shanghai Composite Index fell 1.2 percent to 2,030.29 points, the lowest close since September 26.
Some 320 million non-tradable shares were sold last month after they were allowed to circulate in the Shanghai and Shenzhen stock markets, up 79 percent from the 179 million shares unloaded in September, data from the China Securities Depository and Clearing Corporation Ltd showed.
The rush to trim holdings of non-tradable shares will lead to an oversupply of shares and hurt prices. ''The unloading will weigh on the market and add to pessimism among investors,'' Galaxy Securities said.
Lenders fell as bad loans in China's commercial banks rose by 22.4 billion yuan (US$3.6 billion) to 478.8 billion yuan in the third quarter, accounting for 0.95 percent of total lending and up from 0.94 percent in the previous quarter, the China Banking Regulatory Commission said yesterday.
China Construction Bank lost 2.3 percent to 4.18 yuan. The Bank of Communications declined 0.9 percent to close at 4.18 yuan.
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