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Shanghai index down, dragged by energy, metal shares
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Shanghai stocks retreated this morning, led by heavyweight energy and metal producers, despite rising financial chips after the central government pledged to expand a pilot program to securitize credit assets.
The key Shanghai Composite Index lost 0.31 percent to 2,094.77 points. Turnover was 63.2 billion yuan (US$10.4 billion) by midday.
Shanxi Lu'an Environmental Energy Development Co led the decline of coal producers, falling 3.3 percent to 13.24 yuan, after reporting a 48 percent drop in its first-half net profits.
Shanxi Lanhua Sci-Tech Venture Co fell 3.4 percent to 13.63 yuan. Wintime Energy Co lost 2.7 percent to 6.93 yuan.
Jiangxi Copper Co Ltd slumped 3.8 percent to 17.03 yuan after the company said its net profit shrank 52 percent to 1.24 billion yuan in the first half of this year.
China will further expand the pilot program for credit asset securitization to better allocate capital and activate existing credits to invigorate the real economy, according to a statement released yesterday after a State Council meeting chaired by Premier Li Keqiang.
Good-quality assets can be securitized and sold to investors to speed up cash flow for lenders and provide more options for investors, the statement said.
Haitong Securities rose 1.1 percent to 11.33 yuan. CITIC Securities, China’s largest listed brokerage, gained 0.8 percent to 11.05 yuan.
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