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Shanghai index slips 0.17%, led by distillers, lenders
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Shanghai stocks retreated today on losses of heavyweight distilleries and lenders as fresh data showed China is maintaining a tight monetary policy.
The benchmark Shanghai Composite Index dropped 0.17 percent, or 3.49 points, to 2,023.35 with a turnover of 57.7 billion yuan (US$9.5 billion).
“We advise investors to take a wait-and-see stance as a big rebound is unlikely in the short term due to a flood of new shares and tight liquidity,” said Shenyin & Wanguo Securities today.
China’s commercial banks extended 482.5 billion yuan of new loans in December, down from 624.6 billion yuan in November, the People’s Bank of China said today.
China’s M2, the broadest measure of money supply, rose 13.6 percent year-on-year in December, down from a 14.2 percent growth in November, the central bank said.
“The money and banking data in December broadly confirmed our view that the monetary policy has tightened,” Zhang Zhiwei, chief economist for China with Nomura Holdings Inc, said in a note today.
Financial shares slumped. Shanghai Pudong Development Bank Co Ltd lost 1.8 percent to 9.23 yuan. CITIC Bank Corp Ltd shed 2.4 percent to 3.64 yuan. Hua Xia Bank Co Ltd slipped 2.4 percent to 8.01 yuan.
Distilleries fell the most. Kweichow Moutai Co Ltd lost 2.1 percent to 118.76 yuan. Sichuan Tuopai Shede Wine Co Ltd dropped 1.6 percent to 12.70 yuan.
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