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Shanghai index sags to one-month low
By Ye Zhen |
May 25, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks edged down today, dragging the benchmark index to a one-month low, as ongoing concern over China's economy intensified with new evidence showing the nation's lenders may miss loan targets this year.
The Shanghai Composite Index dived 0.74 percent, or 17.42 points to 2,333.55. Turnover was 68 billion yuan (US$10.8 billion). The index lost 0.47 percent for the week.
China's biggest banks are expected to issue about 7 trillion yuan in new loans this year, falling short of the government target of 8 trillion yuan to 8.5 trillion yuan, Bloomberg reported today, citing an unnamed official. It indicated that investment activity is weakening.
Bank loans issued by China's commercial banks in April fell 62.2 billion yuan from a year earlier to 681.8 billion yuan, according to the People's Bank of China.
Financial institutions led the market down. China Life Insurance, the country's biggest insurer, shrank 2.7 percent to end at 17.09 yuan. Ping An Insurance Co, China's second largest insurer, retreated 3.3 percent to 40.65 yuan.
Industrial And Commercial Bank Of China Ltd, the nation's largest lender, shed 0.2 percent to 4.18 yuan. Agriculture Bank of China lost 0.4 percent to finish at 2.64 yuan.
Citic Securities, the nation's biggest listed brokerage, dropped 1.5 percent to 13.24 yuan. Haitong Securities Co dived 1.6 percent to close at 10.02 yuan.
Railway related stocks and cement producers extended gains for a second day after the government announced it will speed up the construction of infrastructure projects. China Railway Erju Co jumped the daily limit of 10 percent to 7.34 yuan. China Railway Group added 1.8 percent to 2.79 yuan.
Zhejiang Jianfeng Group Co gained 4.1 percent to 13.36 yuan. Fujian Cement Inc added 3 percent to 8.46 yuan. Anhui Conch Cement Co, the biggest Chinese cement producer, edged up 0.2 percent to 16.89 yuan.
The Shanghai Composite Index dived 0.74 percent, or 17.42 points to 2,333.55. Turnover was 68 billion yuan (US$10.8 billion). The index lost 0.47 percent for the week.
China's biggest banks are expected to issue about 7 trillion yuan in new loans this year, falling short of the government target of 8 trillion yuan to 8.5 trillion yuan, Bloomberg reported today, citing an unnamed official. It indicated that investment activity is weakening.
Bank loans issued by China's commercial banks in April fell 62.2 billion yuan from a year earlier to 681.8 billion yuan, according to the People's Bank of China.
Financial institutions led the market down. China Life Insurance, the country's biggest insurer, shrank 2.7 percent to end at 17.09 yuan. Ping An Insurance Co, China's second largest insurer, retreated 3.3 percent to 40.65 yuan.
Industrial And Commercial Bank Of China Ltd, the nation's largest lender, shed 0.2 percent to 4.18 yuan. Agriculture Bank of China lost 0.4 percent to finish at 2.64 yuan.
Citic Securities, the nation's biggest listed brokerage, dropped 1.5 percent to 13.24 yuan. Haitong Securities Co dived 1.6 percent to close at 10.02 yuan.
Railway related stocks and cement producers extended gains for a second day after the government announced it will speed up the construction of infrastructure projects. China Railway Erju Co jumped the daily limit of 10 percent to 7.34 yuan. China Railway Group added 1.8 percent to 2.79 yuan.
Zhejiang Jianfeng Group Co gained 4.1 percent to 13.36 yuan. Fujian Cement Inc added 3 percent to 8.46 yuan. Anhui Conch Cement Co, the biggest Chinese cement producer, edged up 0.2 percent to 16.89 yuan.
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