China Stocks: China Construction Bank, Yanzhou Coal, Sany Heavy
The Shanghai Composite Index (SHCOMP) fell 28.65 points, or 1.2 percent, to 2,346.19, the lowest level since April 17. The gauge declined a fourth day, the longest losing streak since January 16. The CSI 300 Index (SHSZ300) lost 1.6 percent to 2,574.65.
China Construction Bank Corp. (939) (601939 CH) dropped 1.7 percent to 4.51 yuan. China Citic Bank Corp. (601998) (601998 CH) fell 2.1 percent 4.27 yuan and Industrial Bank Co. (601166) (601166 CH) slid 2.2 percent to 13.40 yuan.
Combined net lending by Industrial & Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China Ltd. was almost zero in the two weeks ended May 13, Shanghai Securities News reported, citing unidentified person familiar with the matter. Two of the banks increased outstanding loans by less than 20 billion yuan, while the other two saw declines, according to the paper.
China Coal Energy Co. (601898) (601898 CH) retreated 1.6 percent to 9.03 yuan. Yanzhou Coal Mining Co. (600188) (600188 CH) decreased 1.6 percent to 22.88 yuan. The Chinese coal industry was cut to market weight from overweight at UOB-Kay Hian Ltd.
Sany Heavy Industry Co. (600031) (600031 CH) led a gauge of industrial stocks to its biggest slide in a week after Deutsche Bank AG recommended investors underweight Chinese stocks amid concerns about industry overcapacity hurting earnings growth. Sany lost 3.6 percent to 13.79 yuan. Zoomlion Heavy Industry Science & Technology Co. (000157) (000157 CH) fell 3.1 percent to 9.69 yuan.
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