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Shanghai index dips 0.32% on lackluster loan reports
By Ye Zhen |
December 6, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged lower this morning amid reports that China's four biggest lenders issued fewer loans in November.
The key Shanghai Composite Index shed 0.32 percent, or 6.57 points, to 2,025.33 points. Turnover stood at 32.8 billion yuan (US$5.3 billion) by the noon break.
China's biggest four lenders, including ICBC, China Construction Bank, Agricultural Bank of China and Bank of China, extended 168 billion yuan in new loans in November, down from 220 billion yuan in October, the 21st Economic Herald reported, citing sources in the state-owned banks.
Most analysts are optimistic about the market outlook. Caitong Securities said the market is likely to rebound further with fluctuations.
Distilleries led the market down. Kweichow Moutai Co, the leading producer of high-end liquor in China, lost 3.9 percent to 189.05 yuan. Sichuan Tuopai Shede Wine Co dropped 2.2 percent to 19.86 yuan. Shanxi Xinghuacun Fen Wine Factory Co fell 3.4 percent to 32.83 yuan.
Non-ferrous metals producers also fell. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, shed 2.2 percent to 31.99 yuan. Xiamen Tungsten Co lost 1.9 percent to 31.69 yuan. Rising Nonferrous Metals Share Co decreased 1.4 percent to 36.99 yuan.
Property developers gained. China Vanke, the nation's biggest developer, added 1.4 percent to 9.27 yuan. Poly Real Estate, the second-biggest developer, rose 1.2 percent to 12.22 yuan. Gemdale Corporation increased 1.9 percent to 5.89 yuan.
The key Shanghai Composite Index shed 0.32 percent, or 6.57 points, to 2,025.33 points. Turnover stood at 32.8 billion yuan (US$5.3 billion) by the noon break.
China's biggest four lenders, including ICBC, China Construction Bank, Agricultural Bank of China and Bank of China, extended 168 billion yuan in new loans in November, down from 220 billion yuan in October, the 21st Economic Herald reported, citing sources in the state-owned banks.
Most analysts are optimistic about the market outlook. Caitong Securities said the market is likely to rebound further with fluctuations.
Distilleries led the market down. Kweichow Moutai Co, the leading producer of high-end liquor in China, lost 3.9 percent to 189.05 yuan. Sichuan Tuopai Shede Wine Co dropped 2.2 percent to 19.86 yuan. Shanxi Xinghuacun Fen Wine Factory Co fell 3.4 percent to 32.83 yuan.
Non-ferrous metals producers also fell. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, shed 2.2 percent to 31.99 yuan. Xiamen Tungsten Co lost 1.9 percent to 31.69 yuan. Rising Nonferrous Metals Share Co decreased 1.4 percent to 36.99 yuan.
Property developers gained. China Vanke, the nation's biggest developer, added 1.4 percent to 9.27 yuan. Poly Real Estate, the second-biggest developer, rose 1.2 percent to 12.22 yuan. Gemdale Corporation increased 1.9 percent to 5.89 yuan.
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