Shares slip on weak performance of banks
Print Edition
THE weak performance of bank shares dented the Shanghai stock market yesterday.
The Shanghai Composite Index dipped 0.51 percent to 2,229.27 points.
The banking sector was responsible for the market’s decline as investors were nervous that the slow growth in lending in August threatened to worsen the tight liquidity for a second consecutive month.
“This could undermine the government’s efforts to sustain growth through infrastructure spending,” said Dariusz Kowalczyk, senior economist at Credit Agricole Corporate and Investment Bank.
“Premier Li (Keqiang) spoke again of difficulties in maintaining growth and in favor of supporting it through infrastructure spending, but such plans may be delayed if banks continue to be so cautious in credit action.”
Hua Xia Bank lost 1.76 percent to 8.37 yuan (US$1.36) while the Bank of Communications shed 1.41 percent to finish at 4.21 yuan.
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