Tighter monetary line hits index
Print Edition
Shanghai stocks dipped yesterday on concerns that China’s monetary policy has tightened.
The Shanghai Composite Index lost 0.17 percent, or 3.49 points, to 2,023.35.
“The money and banking data in December broadly confirm our view that the monetary policy stance has tightened,” Zhang Zhiwei, chief economist for China with Nomura Holdings Inc, said in a note.
China’s commercial banks extended 482.5 billion yuan (US$79.8 billion) of new loans in December, down from 624.6 billion yuan in November, the People’s Bank of China said yesterday.
M2, the broad measure of money supply, rose 13.6 percent year on year in December, down from a 14.2 percent increase in November, the central bank said.
Investors were advised to take a wait-and-see stance as a big rebound was unlikely in the short term due to a flood of new shares and unfavorable liquidity conditions, Shenyin & Wanguo Securities said yesterday.
Shanghai Pudong Development Bank lost 1.8 percent to 9.23 yuan. CITIC Bank shed 2.4 percent to 3.64 yuan, and Hua Xia Bank fell 2.4 percent to 8.01 yuan.
Kweichow Moutai Co lost 2.1 percent to 118.76 yuan. Sichuan Tuopai Shede Wine Co slipped 1.6 percent to 12.70 yuan.
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