China H-shares fall most in 10 weeks as banks, autos skid

BEIJING, April 15 Tue Apr 15, 2014 4:22am EDT

Related Topics

BEIJING, April 15 (Reuters) - Chinese shares listed in Hong Kong suffered their biggest daily drop in 10 weeks, hit by profit-taking in automakers and sharp declines in banks following weak Chinese money supply data.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong, or H-shares, closed down 2.1 percent. That marked its biggest one-day percentage drop since Feb. 4.

The main Hang Seng Index ended 1.6 percent lower at 22,671.26.

China Citic Banking Corp fell 6.5 percent and China Minsheng Banking Corp lost 8.2 percent after Chinese central bank data showed the country's money supply grew at its weakest pace since 2001 and loan growth slowed in March.

Auto shares retreated on profit-taking after gaining over the past few days on positive earnings data. The sector is also being affected by uncertainties over regulations that may curb demand.

Guangzhou Automobile Group Co Ltd shares fell 4.2 percent, Great Wall Motor Co Ltd dropped 5.2 percent and Dongfeng Motor Group Co Ltd lost 2.5 percent.

BYD Co Ltd plunged 7 percent on media reports that March sales for the Warren Buffett-backed Chinese carmaker fell 24 percent on the same period last year. (Reporting By Natalie Thomas; Editing by Chris Gallagher)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.