Chinese equities dip 1.24% on loans tightening concerns

10:36, March 13, 2010      

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Chinese equities shed 1.24 percent Friday, paring two weeks' gains on concerns over government moves to rein in loans to curb inflation.

The benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,013.41 points, down 37.87 points, or 1.24 percent.

The Shenzhen Component Index closed at 12,169.11 points, down 198.58 points, or 1.61 percent.

Combined turnover shrank to 155.41 billion yuan (22.75 billion U.S. dollars) from 166.4 billion yuan the previous trading day.

The nation's statistic agency announced Thursday the consumer price index (CPI) rose 2.7 percent year on year in February, a rise for the fourth straight month, triggering market speculation that the government would hasten to scale back bank lending to ward off inflation.

Caution prompted a widespread losses across the broad, as losers outnumbered gainers by 759 to 120 in Shanghai and 695 to 198 in Shenzhen.

Banks, oil and property heavyweights fell in the afternoon secession, dragging down the board to close to 3,000 points.

PetroChina, the country's biggest oil producer, fell 0.93 percent to 12.82 yuan. China Vanke, the country's largest real estate developer, was down 1.47 percent to 9.36 yuan.

Air China, the nation's flag carrier, slid 4.12 percent to 11.16 yuan after saying it planned to raise more than 950 million dollars through a private share placement to increase capital and reduce financing costs.

Source: Xinhua
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