Shares edge lower over credit default fears
Print Edition
Shanghai stocks dipped yesterday amid growing fears about credit defaults after Shanghai Chaori Solar Energy Science & Technology Co said it may miss the interest payment on a bond due tomorrow.
The Shanghai Composite Index lost 0.89 percent, or 18.39 points, to 2,053.08.
“The default by Chaori raised risk aversion and is negative for the A-share market, especially for debt-laden sectors, in the short term,” Xu Biao, a Huatai Securities analyst, said in a note yesterday.
The market also lost ground after the central government set an annual economic growth goal of 7.5 percent for 2014, flat from last year’s target. China’s economy grew 7.7 percent last year.
Premier Li Keqiang unveiled this year’s economic and policy targets at the opening of the annual session of the National People’s Congress in Beijing yesterday. He stressed reforms will be the top priority.
China Minsheng Banking Corp lost 2.3 percent to 7.54 yuan (US$1.23). The Bank of Beijing fell 2.7 percent to 7.31 yuan.
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