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Shares slide on weakness in banking sector
By Ye Zhen |
May 25, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell in the morning session on news that China's banks may miss loan targets for the first time in seven years, adding further evidence that economic growth is weakening.
The benchmark Shanghai Composite Index shed 0.4 percent, or 9.43 points to 2341.54. Turnover stood at 34.2 billion yuan (US$5.4 billion).
New yuan loans granted by China's biggest banks in 2012 will be around 7 trillion yuan, compared with the government goal of 8 trillion yuan to 8.5 trillion yuan, Bloomberg reported today, citing an unnamed official.
Banks are relying more on lending to small- and medium-sized companies since state-owned enterprises are not borrowing as much money, the official told Bloomberg.
Lenders dropped after the news spread. Industrial And Commercial Bank Of China Ltd, the nation's largest lender, shed 0.2 percent to 4.18 yuan. Bank of China fell 0.3 percent to 2.99 yuan. China Merchants Bank Co lost 0.4 percent to 11.58 yuan.
The environment protection industry advanced after the Ministry of Finance announced yesterday that the government will allocate 97.9 billion yuan this year to promote energy conservation and emissions reductions, up 25.1 billion yuan from a year earlier.
Tianjin Capital Environmental Protection surged 4.4 percent to 5.68 yuan. ZhongYuan Environment Protection Co gained 2.9 percent to 10.68 yuan.
Along with other existing funds, the industry will receive subsidies worth a total of 170 billion yuan.
The benchmark Shanghai Composite Index shed 0.4 percent, or 9.43 points to 2341.54. Turnover stood at 34.2 billion yuan (US$5.4 billion).
New yuan loans granted by China's biggest banks in 2012 will be around 7 trillion yuan, compared with the government goal of 8 trillion yuan to 8.5 trillion yuan, Bloomberg reported today, citing an unnamed official.
Banks are relying more on lending to small- and medium-sized companies since state-owned enterprises are not borrowing as much money, the official told Bloomberg.
Lenders dropped after the news spread. Industrial And Commercial Bank Of China Ltd, the nation's largest lender, shed 0.2 percent to 4.18 yuan. Bank of China fell 0.3 percent to 2.99 yuan. China Merchants Bank Co lost 0.4 percent to 11.58 yuan.
The environment protection industry advanced after the Ministry of Finance announced yesterday that the government will allocate 97.9 billion yuan this year to promote energy conservation and emissions reductions, up 25.1 billion yuan from a year earlier.
Tianjin Capital Environmental Protection surged 4.4 percent to 5.68 yuan. ZhongYuan Environment Protection Co gained 2.9 percent to 10.68 yuan.
Along with other existing funds, the industry will receive subsidies worth a total of 170 billion yuan.
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