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Index hits 4-week low as trading dips

(China Daily/Agencies)
Updated: 2009-09-30 08:52

China's benchmark stock index fell to a four-week low, led by brokerages and airlines, as trading waned before a week-long national holiday and oil prices jumped.

Citic Securities Co and Haitong Securities Co, the nation's two biggest brokerages by market value, dropped more than 1 percent after data showed investors traded on Monday the fewest shares this year. China Southern Airlines Co and China Eastern Airlines Corp retreated more than 1 percent after crude oil advanced for a third day. Industrial Bank Co gained 3.7 percent after the National Business Daily reported loans in September for buying homes and cars may reach a record.

The Shanghai Composite Index fell 8.9, or 0.3 percent, to 2,754.54 at close, the lowest since Sept 2. More than four stocks fell for each that rose on the gauge. The CSI 300 Index, which tracks stocks on both the Shanghai and Shenzhen exchanges, was little changed at 2,972.29. Both exchanges will be shut from Oct 1 to Oct 8 as part of National Day celebrations.

"Many investors are reducing their risk exposure ahead of the week-long holiday," said Larry Wan, Shanghai-based deputy chief investment officer at KBC-Goldstate Fund Management Co, which oversees about $583 million. "A lot of things can happen during the long break."

The Shanghai index fell 4.2 percent last week, the most in six weeks, as commodity prices slumped and investors speculated rising stock supply would divert funds from existing equities. The gauge is down 6.9 percent this quarter, the worst performance by a major global benchmark index, on concern a slump in new lending will derail the economic rebound.

Related readings:  Stocks get boost amid G20 optimism  Chinese shares drop 0.33% Tuesday  Chinese shares drop 2.65%, dipping below 2,800 mark  Chinese shares slip 0.52% to end week lower

Citic Securities dropped 1.1 percent to 24.41 yuan, its lowest level since April 30. Haitong Securities slid 1.5 percent to 12.72 yuan. Hong Yuan Securities Co, based in Beijing, declined 4.8 percent to 17.83 yuan.

A total of 10.1 billion shares were traded on the two bourses in Shanghai and Shenzhen on Monday, the lowest since December 31.

China Eastern Airlines, based in Shanghai, fell 1.3 percent to 5.28 yuan. China Southern Airlines, based in the southern Guangdong province, fell 1.6 percent to 4.96 yuan, capping a sixth day of declines.

Crude oil for November delivery traded at $66.93 a barrel, up 9 cents, in electronic trading on the New York Mercantile Exchange at 1:31 pm Singapore time. On Monday, the contract rose 82 cents, or 1.2 percent, to settle at $66.84 a barrel. Prices have gained 50 percent this year.

Industrial Bank, based in Fuzhou, gained 3.7 percent to 33.15 yuan. Shanghai Pudong Development Bank Co gained 3 percent to 19.67 yuan. China Minsheng Banking Corp, the nation's first privately owned bank, added 2.3 percent to 6.65 yuan. Poly Real Estate Group Co, the nation's second-biggest property developer, advanced 3.7 percent to 23.37 yuan.