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September 17, 2009

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Shanghai stocks dip as loans monitored

SHANGHAI'S key stock market index closed more than 1 percent lower yesterday as the country's top audit body started supervision of bank loans.

The benchmark Shanghai Composite Index fell 1.12 percent to 2,999.71. Turnover rose to 168.3 billion yuan (US$24.75 billion) from 160 billion yuan.

Shanghai Securities News reported yesterday that the National Audit Office has started inspecting the direction of credit from large commercial banks as well as land purchases.

"Tighter lending inspections could stop capital from being injected into the stock and housing markets," said Wan Bing, an analyst from GF Securities Co.

"Technical resistance around 3,000 points also contributed to the drop," Wan added.

Financial firms led the declines. Bank of Communications Co slid 3.1 percent to 9.05 yuan. Shanghai Pudong Development Bank Co eased 3 percent to 21.13 yuan. China Merchants Bank Co retreated 2.1 percent to close at 15.68 yuan.

Brokerages were also weak as the number of newly opened equity trading accounts declined for the sixth consecutive week to 324,856 last week. This compared with the year's high of 700,617 in the five days ending on July 31, China Securities Depository & Clearing Corp said.

Sinolink Securities Co withdrew 2.6 percent to 21.63 yuan and Changjiang Securities Co declined 2.6 percent to 19.75 yuan.

Gold producers gained as the price of the precious metal increased.


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