China’s Stocks Fall for 4th Day on Europe, Cash Crunch Concerns
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China’s stocks fell for a fourth day as investors speculated Europe’s debt crisis will worsen and lending to small companies may drop as banks hoard cash to meet year-end reserve-ratio requirements.
China Cosco Holdings Co., the nation’s largest shipping Line, dropped to a record low as Europe’s lenders sought to borrow more cash from the European Central Bank than economists had expected, increasing concern the crisis won’t be contained. Citic Securities Co. paced declines for brokerages on the prospect slumping trading volumes will curb profit growth. Focus Technology Co. and Anhui Gujing Distillery Co. led a gauge of small-company stocks lower as money market rates jumped.