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Shanghai index 0.1% higher as caution prevails
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SHANGHAI stocks traded flat today as investors grew more worried about the slowing economy. The benchmark Shanghai Composite Index ended 0.1 percent up to 2,001.16 points after plunging the most in nine months yesterday. Turnover was 76.9 billion yuan (US$12.6 billion) for the day.
“The index is expected to hover around the 2,000-point level as concerns over economic slowdown weigh on the market,” said Northeast Securities.
CITIC Securities said risk aversion prevailed due to lingering fears about an outbreak of credit defaults as a large number of bonds and trust products will mature soon. The ongoing economic weakness may add to financing difficulties.
“The upcoming restart of initial public offerings after a short-term relief also raised uncertainty over liquidity outlook,” said the brokerage.
Data released yesterday by the central bank showed that Chinese banks issued fewer loans than expected in February. New loans totaled 644.5 billion yuan, less than half of a four-year high of 1.32 trillion yuan seen in January.
Weak lending further indicates that the world’s second largest economy is losing momentum.
Lenders were mixed after Zhou Xiaochuan, governor of the People’s Bank of China, said today that China will fully liberalize interest rates in one to two years.
China CITIC Bank Corp added 1.8 percent to 4.97 yuan. Hua Xia Bank Co Ltd gained 1.4 percent to 7.88 yuan. Industrial and Commercial Bank of China Ltd lost 0.9 percent to 3.23 yuan.
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