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Shanghai shares retreat as investors fear credit defaults
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SHANGHAI stocks declined slightly this morning as cautious sentiment prevailed amid fears about credit defaults.
The benchmark Shanghai Composite Index dipped 0.1 percent, or 2.03 points, to 2,051.05. Turnover was 50.7 billion yuan (US$8.3 billion) by midday.
Concerns over credit risks weighed on the market after Shanghai Chaori Solar Energy Science & Technology Co said it may miss the interest payment on a bond due on tomorrow.
“Worries about defaults depressed market appetite for risk assets and fueled concerns about local government debts in China,” Qilu Securities said in a note.
However, the brokerage said a looming credit default is unlikely to trigger a chain reaction and the ongoing session of the National People’s Congress is still the focus of the A-share market.
Heavy equipment manufacturers declined while financial and real estate stocks gained. Guangzhou Shipyard International Co Ltd fell 4.9 percent to 17.53 yuan. CSSC Steel Structure Engineering Co Ltd shed 1.6 percent to 8.86 yuan. Anhui Jianghuai Automobile Co Ltd lost 3.4 percent to 9.59 yuan.
The Pacific Securities Co Ltd surged 8.1 percent to 7.88 yuan. Founder Securities rose 2.1 percent to 5.81 yuan. Poly Real Estate, China’s second-biggest homebuilder, rose 2.6 percent to 6.82 yuan. China Fortune Land Co Ltd gained 3.9 percent to 20.95 yuan.
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