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Shanghai shares decline for the fourth day
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Shanghai stocks fell for the fourth trading day today amid liquidity concern and weak performance of real estate developers.
The benchmark Shanghai Composite Index was down 0.19 percent to 2,009.56 points. Daily turnover was 55.5 billion yuan (US$9.1 billion).
The index once dropped to 2,000.4 points in the afternoon before heavyweights nudged it up.
PetroChina, the country’s biggest oil producer and the biggest index component, gained 0.27 percent to 7.55 yuan. China Petroleum & Chemical Corp, Asia's biggest refiner, also known as Sinopec, rose 1.36 percent to 4.48 yuan.
China Merchants Property Development Co slumped 4.52 percent to 17.31 yuan. Gemdale Corporation fell 4.12 percent to 5.82 yuan. COFCO Property (Group) Co shed 1.19 percent to 3.31 yuan.
United Overseas Bank Group said in a statement yesterday that it expected yuan loans extended in December to drop to 570 billion yuan, from 624.6 billion yuan in November, while M1 and M2 growth is expected to slow as well.
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