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Shanghai stocks end lower on liquidity concern
By Ye Zhen |
December 11, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today amid concern over market liquidity as data showed domestic banks issued fewer loans than expected last month.
The key Shanghai Composite Index lost 0.44 percent, or 9.07 points, to 2,074.70 points. Daily turnover was 67.9 billion yuan (US$11 billion).
Chinese lenders extended 522.9 billion yuan of loans in November, down 40 billion yuan from a year earlier, according to data released by the People's Bank of China today. The figure fell short of the market expectation of 550 billion yuan.
China's total social financing, a broad measure of liquidity in the economy, was 1.14 trillion yuan in November, down from 1.29 trillion yuan in October, the central bank said.
"Market liquidity is likely to get a bit tight in the short term due to capital repatriation at the year-end, but overall liquidity supply will be stable in the medium term," said Wang Yuqiong, analyst with Founder Securities.
Chen Dinghua, analyst with Essence Securities, said the index also fell on market correction after it gained more than 100 points recently.
Most lenders fell due to the weak data. Bank of Communications lost 1.1 percent to 4.43 yuan. China Minsheng Banking Corp fell 1.7 percent to 6.90 yuan. Industrial Bank Co shed 1 percent to 14.01 yuan.
Brokerages declined after data showed the gross net profit of China's listed brokers slumped 31.3 percent from a month earlier to 471 million yuan in November. CITIC Securities, the biggest listed brokerage, dipped 0.9 percent to 10.79 yuan. Founder Securities Co lost 1.5 percent to 3.91 yuan. Haitong Securities Co shed 1.2 percent to 8.83 yuan.
The key Shanghai Composite Index lost 0.44 percent, or 9.07 points, to 2,074.70 points. Daily turnover was 67.9 billion yuan (US$11 billion).
Chinese lenders extended 522.9 billion yuan of loans in November, down 40 billion yuan from a year earlier, according to data released by the People's Bank of China today. The figure fell short of the market expectation of 550 billion yuan.
China's total social financing, a broad measure of liquidity in the economy, was 1.14 trillion yuan in November, down from 1.29 trillion yuan in October, the central bank said.
"Market liquidity is likely to get a bit tight in the short term due to capital repatriation at the year-end, but overall liquidity supply will be stable in the medium term," said Wang Yuqiong, analyst with Founder Securities.
Chen Dinghua, analyst with Essence Securities, said the index also fell on market correction after it gained more than 100 points recently.
Most lenders fell due to the weak data. Bank of Communications lost 1.1 percent to 4.43 yuan. China Minsheng Banking Corp fell 1.7 percent to 6.90 yuan. Industrial Bank Co shed 1 percent to 14.01 yuan.
Brokerages declined after data showed the gross net profit of China's listed brokers slumped 31.3 percent from a month earlier to 471 million yuan in November. CITIC Securities, the biggest listed brokerage, dipped 0.9 percent to 10.79 yuan. Founder Securities Co lost 1.5 percent to 3.91 yuan. Haitong Securities Co shed 1.2 percent to 8.83 yuan.
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