By Bloomberg News - Nov 25, 2011 2:11 PM GMT+0700
China stocks (SHCOMP) fell, dragging the benchmark index to a third weekly loss, after Industrial & Commercial Bank of China Ltd. (601398)’s chairman said he expects the central bank to keep tight monetary policies.
ICBC declined 1.4 percent, pacing losses by banks, after its Chairman Jiang Jianqing said “very high” inflationary pressure means monetary policy will remain prudent. China Vanke Co. (000002) dropped among property companies after the China Securities Journal said land purchases by the nation’s top 10 developers slumped this year.
“Liquidity is still tight in the real economy and the capital market because the current fine-tuning of monetary policies isn’t enough to ease companies’ cash crunch,” said Wei Wei, an analyst at West China Securities Co. in Shanghai. “Earnings are the other risk to investors and they will be uglier this year.”
The Shanghai Composite Index dropped 17.33 points, or 0.7 percent, to 2,380.22 at the close, capping a seventh day of losses out of eight and reaching the lowest level since Oct. 24. The CSI 300 Index (SHSZ300) slid 0.7 percent to 2,569.97.
--Zhang Shidong. Editors: Richard Frost, Darren Boey
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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