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Shanghai stocks fall 0.63%, led by distillers, lenders
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Declines in heavyweight distilleries and financial counters sent the Shanghai stock market lower in the morning session. The benchmark Shanghai Composite Index lost 0.63 percent, or 12.74 points, to 2,014.10 with a turnover of 31.7 billion yuan (US$5.2 billion).
“We advise investors to take a wait-and-see stance as a big rebound is unlikely in the short term due to a flood of new shares and tight liquidity,” said Shenyin & Wanguo Securities today.
China’s commercial banks extended 482.5 billion yuan of new loans in December, down from 624.6 billion yuan in November, the People’s Bank of China said today.
China’s M2, the broadest measure of money supply, rose 13.6 percent year-on-year in December, down from a 14.2 percent growth in November, the central bank said.
Financial shares slumped. Shanghai Pudong Development Bank Co Ltd lost 1.9 percent to 9.22 yuan. CITIC Bank Corp Ltd dropped 3.2 percent to 3.61 yuan.
Distilleries fell the most. Kweichow Moutai Co Ltd lost 2 percent to 118.85 yuan. Sichuan Tuopai Shede Wine Co Ltd slipped 1.8 percent to 12.68 yuan.
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