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Index slips on concerns over liquidity
By Ye Zhen |
December 12, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks ended lower yesterday on concerns over market liquidity as banks lent less than expected in November.
The Shanghai Composite Index lost 0.44 percent to 2,074.70 points.
Chinese banks lent 522.9 billion yuan (US$84.3 billion) last month, down 40 billion yuan from a year earlier, according to data released by the People's Bank of China yesterday. The figure fell below market expectations of 550 billion yuan.
"Market liquidity is likely to get a bit tight in the short term due to capital repatriation at the year-end, but overall liquidity supply will be stable in the medium term," said Wang Yuqiong, analyst with Founder Securities.
Chen Dinghua, analyst with Essence Securities, said the stock index also fell as the market corrected after gaining more than 100 points recently.
Brokerages fell after net profits of China's listed brokers fell 31.3 percent from October to 471 million yuan in November.
CITIC Securities, China's biggest listed broker, shed 0.9 percent to 10.79 yuan. Founder Securities Co lost 1.5 percent to close at 3.91 yuan.
The Shanghai Composite Index lost 0.44 percent to 2,074.70 points.
Chinese banks lent 522.9 billion yuan (US$84.3 billion) last month, down 40 billion yuan from a year earlier, according to data released by the People's Bank of China yesterday. The figure fell below market expectations of 550 billion yuan.
"Market liquidity is likely to get a bit tight in the short term due to capital repatriation at the year-end, but overall liquidity supply will be stable in the medium term," said Wang Yuqiong, analyst with Founder Securities.
Chen Dinghua, analyst with Essence Securities, said the stock index also fell as the market corrected after gaining more than 100 points recently.
Brokerages fell after net profits of China's listed brokers fell 31.3 percent from October to 471 million yuan in November.
CITIC Securities, China's biggest listed broker, shed 0.9 percent to 10.79 yuan. Founder Securities Co lost 1.5 percent to close at 3.91 yuan.
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