Winning run ends as index drops 3%
By Pan Xiaoyi |
January 21, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index tumbled nearly 3 percent yesterday, snapping a four-day-winning streak after banks were urged to curb their lending to prevent bad loans emerging.
The Shanghai Composite Index fell 2.93 percent, or 95.02 points, to 3,151.85. Turnover rose to 192.7 billion yuan (US$28.3 billion) from 162.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, shed 3.67 percent to close at 1,191.75 points.
The China Banking Regulatory Commission will monitor and keep growth in credit in check this year and it urged banks to be alert for possible credit risks, said Liu Mingkang, its chairman, at a forum in Hong Kong yesterday.
In a speech on Tuesday Premier Wen Jiabao raised speculation over a possible exit from the stimulus measures that the government launched in late 2008. Wen also said China will manage the pace of issuing loans to prevent possible financial risks.
"The stock market faces mounting liquidity pressure and concerns are growing that the pace to tighten the monetary policy is accelerating," S&E Securities Brokerage Co said.
Banks led the decline. The Industrial and Commercial Bank of China, the nation's biggest lender, fell 2.6 percent to 4.93 yuan. The Bank of China fell 1.68 percent to 4.10 yuan, and China Construction Bank shed 2.4 percent to 5.76 yuan.
The Shanghai Composite Index fell 2.93 percent, or 95.02 points, to 3,151.85. Turnover rose to 192.7 billion yuan (US$28.3 billion) from 162.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, shed 3.67 percent to close at 1,191.75 points.
The China Banking Regulatory Commission will monitor and keep growth in credit in check this year and it urged banks to be alert for possible credit risks, said Liu Mingkang, its chairman, at a forum in Hong Kong yesterday.
In a speech on Tuesday Premier Wen Jiabao raised speculation over a possible exit from the stimulus measures that the government launched in late 2008. Wen also said China will manage the pace of issuing loans to prevent possible financial risks.
"The stock market faces mounting liquidity pressure and concerns are growing that the pace to tighten the monetary policy is accelerating," S&E Securities Brokerage Co said.
Banks led the decline. The Industrial and Commercial Bank of China, the nation's biggest lender, fell 2.6 percent to 4.93 yuan. The Bank of China fell 1.68 percent to 4.10 yuan, and China Construction Bank shed 2.4 percent to 5.76 yuan.
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