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Shanghai shares fall led by banks on loan caution
By Joyce Pan |
January 20, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in five days at the midday break after banks were urged to contain lending to tackle bad loans.
The benchmark Shanghai Composite Index dropped 1 percent, or 33.7 points, to close at 3,213.17 points. Turnover stood at 92.4 billion yuan (US$13.59 billion). Losers outnumbered gainers 663 to 216 while 7 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.38 percent to close at 1,220.11 points.
The nation's banks should better pace their lending this year on falling capital-adequacy-ratio, said Liu Mingkang, chairman of China Banking Regulatory Commission, at a forum in Hong Kong today.
Premier Wen Jiabao also dropped the phrase of "relatively loose" monetary policy in a speech yesterday, indicating a possible exit of the stimulus measures. Wen said China will manage the pace of extending loans to prevent financial risks.
Lenders led the decliners. Bank of China inched down 0.7 percent to 4.14 yuan. China Merchants Bank retreated 1.4 percent to 16.02 yuan. China Construction Bank Corp withdrew 1.2 percent to 5.83 yuan. Industrial and Commercial Bank of China lowered 0.8 percent to 5.02 yuan.
Commodity producers extended their losing streak on lower prices. Jiangxi Copper Co eased 1.9 percent to 38.35 yuan. Aluminum Corp of China slid 2 percent to 14.11 yuan. Yunnan Chihong Zinc & Germanium Co sank 2.2 percent to 26.e yuan and Minmetals Development Co shed 0.9 percent to 19.94 yuan.
The benchmark Shanghai Composite Index dropped 1 percent, or 33.7 points, to close at 3,213.17 points. Turnover stood at 92.4 billion yuan (US$13.59 billion). Losers outnumbered gainers 663 to 216 while 7 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.38 percent to close at 1,220.11 points.
The nation's banks should better pace their lending this year on falling capital-adequacy-ratio, said Liu Mingkang, chairman of China Banking Regulatory Commission, at a forum in Hong Kong today.
Premier Wen Jiabao also dropped the phrase of "relatively loose" monetary policy in a speech yesterday, indicating a possible exit of the stimulus measures. Wen said China will manage the pace of extending loans to prevent financial risks.
Lenders led the decliners. Bank of China inched down 0.7 percent to 4.14 yuan. China Merchants Bank retreated 1.4 percent to 16.02 yuan. China Construction Bank Corp withdrew 1.2 percent to 5.83 yuan. Industrial and Commercial Bank of China lowered 0.8 percent to 5.02 yuan.
Commodity producers extended their losing streak on lower prices. Jiangxi Copper Co eased 1.9 percent to 38.35 yuan. Aluminum Corp of China slid 2 percent to 14.11 yuan. Yunnan Chihong Zinc & Germanium Co sank 2.2 percent to 26.e yuan and Minmetals Development Co shed 0.9 percent to 19.94 yuan.
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