Jan. 6 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, slipped 14.40, or 0.5 percent, to 2,824.20 as of the 3 p.m. close. The CSI 300 Index declined 0.5 percent to 3,159.64.
Banks: Industrial and Commercial Bank of China Ltd. (601398 CH) fell 0.7 percent to 4.16 yuan. China Construction Bank Corp. (601939 CH) dropped 1.5 percent to 4.58 yuan.
Chinese regulators may review lending by the nation’s banks on a monthly or even weekly basis this year to ensure loans are extended in a “balanced” way, the Securities Times reported today, without citing anyone.
Ping An Insurance (Group) Co. (601318 CH), the nation’s second-largest insurer, fell 4.1 percent to 52.59 yuan after Citic Securities Co. said the company may need to raise as much as 40 billion yuan ($6 billion).
The fundraising will reduce Ping An’s earnings per share by up to 15 percent, Huang Huamin and Yang Shaohui, analysts at Citic, wrote in a report to clients. Ping An spokesman Sheng Ruisheng said the insurer won’t comment on “market speculation” and that it has “nothing to disclose.”
Shanghai Zhixin Electric Co. (600517 CH), rose 3.1 percent to 17.26 yuan, the biggest gain since Nov. 8. Chinese Premier Wen Jiabao said the nation will push ahead with upgrading the power grid network in rural areas with government funds over the next five years, according to a statement on the government website yesterday after the market close.
Tianjin Quanye Bazaar Group Co. (600821 CH), a department store operator, rose by 10 percent to 6.83 yuan, the biggest gain since July 26. Tianjin Industrial and Commercial Holding Co. added a 4.11 percent stake in Tianjin Quanye, increasing ownership to a total 11.6 percent, according to a filing to the Shanghai Stock Exchange yesterday.
GD Midea Holding Co. (000527 CH) added 1.7 percent to 17.54 yuan, the highest close since Dec. 21. The company said 2010 net income may have risen by 50 to 100 percent from a year ago to between 2.8 billion yuan and 3.8 billion yuan.
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