Shares dip as easing policies not likely
Print Edition
SHANGHAI stocks fell yesterday, led by financial and property firms, as the central government wouldn’t ease policies to boost the economy which grew at the slowest rate in 18 months.
The benchmark Shanghai Composite Index eased 0.3 percent to 2,098.89 points, the lowest since April 8.
Premier Li Keqiang on Tuesday said the government will lower reserve requirements for rural and community banks to support farmers and agricultural businesses, leaving the rates flat for commercial banks.
“The measure indicates the government will continue to boost the weakest sectors in the economy as part of long-lasting rebalancing efforts but the limited scale wouldn’t improve market sentiment,” said Xiao Shijun of Guodu Securities.
Xiao said the market faces pressure after China reported first-quarter economic growth was 7.4 percent, the slowest in 18 months.
The Industrial and Commercial Bank of China dipped 0.6 percent to 3.48 yuan (56 US cents). Shanghai Pudong Development Bank shed 1.4 percent to 9.76 yuan.
Property stocks fell after Xinhua news agency said Shanghai will “not slightly loosen” its measures on the sector, citing Liu Haisheng, head of the city’s housing authority.
Poly Real Estate Co declined 1.5 percent to 7.73 yuan, the lowest since April 1.
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