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Shanghai shares down on weak bank lending
By Ye Zhen |
September 5, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower in the morning session as credit demand remained weak in August despite the government effort to stabilize growth.
The Shanghai Composite Index shed 0.12 percent, or 2.42 points, to 2041.23 points. Turnover stood at 25.5 billion yuan (US$4 billion) by midday.
Lu Zhengwei, chief economist at Industrial Bank, estimated Chinese banks lend between 550 billion and 650 billion yuan in August, slightly higher than July's 492.6 billion yuan, although local governments across the country unveiled stimulus plans in recent months to shore up a flagging economy.
China's four largest banks issued around 220 billion yuan in new yuan loans in August, almost the same as in July, according to the 21st Century Business Herald.
Lenders slumped in morning trading as investors are pessimistic about the sector's outlook. China Minsheng Banking Corp fell 3.5 percent to 5.48 yuan. China Merchants Bank slid 1.6 percent to 9.68 yuan. Shanghai Pudong Development Bank Co shed 1.3 percent to 7.36 yuan.
The banking sector looked dreary due to interest rate cuts and the process of interest rate liberalization. A rebound in bank stock prices will be limited, said UBS Securities.
Property developers gained on hopes that home sales will rebound in the next two months as property supply increased. Poly Real Estate, the country's second largest developer, rose 1.2 percent to 10.07 yuan. Gemdale Corporation added 0.8 percent to 5.17 yuan.
The Shanghai Composite Index shed 0.12 percent, or 2.42 points, to 2041.23 points. Turnover stood at 25.5 billion yuan (US$4 billion) by midday.
Lu Zhengwei, chief economist at Industrial Bank, estimated Chinese banks lend between 550 billion and 650 billion yuan in August, slightly higher than July's 492.6 billion yuan, although local governments across the country unveiled stimulus plans in recent months to shore up a flagging economy.
China's four largest banks issued around 220 billion yuan in new yuan loans in August, almost the same as in July, according to the 21st Century Business Herald.
Lenders slumped in morning trading as investors are pessimistic about the sector's outlook. China Minsheng Banking Corp fell 3.5 percent to 5.48 yuan. China Merchants Bank slid 1.6 percent to 9.68 yuan. Shanghai Pudong Development Bank Co shed 1.3 percent to 7.36 yuan.
The banking sector looked dreary due to interest rate cuts and the process of interest rate liberalization. A rebound in bank stock prices will be limited, said UBS Securities.
Property developers gained on hopes that home sales will rebound in the next two months as property supply increased. Poly Real Estate, the country's second largest developer, rose 1.2 percent to 10.07 yuan. Gemdale Corporation added 0.8 percent to 5.17 yuan.
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