Reuters logo
China shares drop over 1 pct as banks hit by weak data
April 15, 2014 / 7:15 AM / 4 years ago

China shares drop over 1 pct as banks hit by weak data

BEIJING, April 15 (Reuters) - China shares fell sharply on Tuesday as the banking sector took a beating after data showed the country’s money supply grew at its slowest pace in more than a decade.

The Shanghai Composite Index ended down 1.4 percent at 2,101.60 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings lost 1.7 percent.

The CSI300 banking subindex fell 2.3 percent after statistics showed China’s money supply grew at its weakest pace since 2001 and loan growth slowed in March.

One bright spot was Universal Scientific Industrial Shanghai Ltd, whose shares jumped by their daily trading limit, up 10 percent, after the electrical goods manufacturer announced plans to raise up to 2.06 billion yuan ($331 million) via a private placement of shares.

But shares in Chinese developer Zhonghong Holding Co Ltd dropped 2.9 percent after the company said it expects its first-quarter net profit to have fallen 89-94 percent from a year earlier. ($1 = 6.2191 Chinese Yuan) (Reporting By Natalie Thomas; Editing by Chris Gallagher)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below