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Shanghai stocks slump 1.2% to 7-week low
By Ye Zhen |
November 15, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks dived to a seven-week low today as non-tradable shareholders reduced their holdings while the US market tumbled.
The key Shanghai Composite Index fell 1.2 percent to 2,030.29 points, the lowest closing since September 26. Daily turnover was 37.1 billion yuan (US$6 billion).
Some 320 million non-tradable shares were sold last month after they were unlocked for trading in Shanghai and Shenzhen markets, a 79 percent increase from the 179 million shares uploaded in September, according to data from the China Securities Depository and Clearing Corporation Ltd.
US stocks tumbled overnight on growing fears about the country's "fiscal cliff" -- a package of tax hikes and spending cuts that will take effect on January 1 if Democrat President Barack Obama and congressional Republicans failed to reach an agreement to solve the issue.
Lenders fell on increasing bad loans. Non-performing loans in China's commercial banks rose by 22.4 billion yuan (US$3.6 billion) to 478.8 billion yuan in the third quarter, the China Banking Regulatory Commission said today.
China Construction Bank dropped 2.3 percent to 4.18 yuan. Bank of Communications lost 0.9 percent to 4.18 yuan. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.8 percent to 3.84 yuan.
Most property developers declined after the China Times reported that Hunan and Hubei provinces resumed property tax trials last month. Poly Real Estate, China's second largest developer, fell 0.9 percent to 11.13 yuan. Gemdale Corporation lost 1.5 percent to 5.12 yuan.
The key Shanghai Composite Index fell 1.2 percent to 2,030.29 points, the lowest closing since September 26. Daily turnover was 37.1 billion yuan (US$6 billion).
Some 320 million non-tradable shares were sold last month after they were unlocked for trading in Shanghai and Shenzhen markets, a 79 percent increase from the 179 million shares uploaded in September, according to data from the China Securities Depository and Clearing Corporation Ltd.
US stocks tumbled overnight on growing fears about the country's "fiscal cliff" -- a package of tax hikes and spending cuts that will take effect on January 1 if Democrat President Barack Obama and congressional Republicans failed to reach an agreement to solve the issue.
Lenders fell on increasing bad loans. Non-performing loans in China's commercial banks rose by 22.4 billion yuan (US$3.6 billion) to 478.8 billion yuan in the third quarter, the China Banking Regulatory Commission said today.
China Construction Bank dropped 2.3 percent to 4.18 yuan. Bank of Communications lost 0.9 percent to 4.18 yuan. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.8 percent to 3.84 yuan.
Most property developers declined after the China Times reported that Hunan and Hubei provinces resumed property tax trials last month. Poly Real Estate, China's second largest developer, fell 0.9 percent to 11.13 yuan. Gemdale Corporation lost 1.5 percent to 5.12 yuan.
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