November 12, 2024 at 02:33 am EST
(MT Newswires) -- China's shares fell as disappointment over China's latest fiscal measures still looms among traders.
The Shanghai Composite Index slipped 1.4%, or 48.10 points, to close Tuesday's trade at 3,421.97. The Shenzhen Component Index lost 0.7%, or 74.11 points, to 11,314.46.
Beijing announced a 10 trillion yuan debt package last week to mitigate domestic government financing strains, but it failed to impress investors.
New bank lending in October also did not uplift sentiment as it fell to its lowest in three months. Lenders extended 500 billion yuan in new loans during the month, falling short of analysts' expectations.
China's balance of broad money or M2 rose 7.5% year over year to 309.7 trillion yuan while total social financing, the broad measure of the economy's credit and liquidity, rose 7.8% year over year to 403.5 trillion yuan in October, according to data by the People's Bank of China.
In corporate news, a number of companies made losses amid plans to set up or deregister subsidiaries.
Chengdu Xuguang Electronics (SHA:600353) fell over 5% despite plans to establish a 10 million yuan subsidiary in Xindu District, Chengdu City.
Shantui Construction Machinery (SHE:000680) also lost 5% after announcing plans to acquire Shanzhong Construction Machinery for 1.84 billion yuan.
Meanwhile, Winstech Precision Holding (SHE:001319) dropped 4% amid plans to cancel and deregister its wholly owned mold-making subsidiary, Shanghai Qishuo Precision Mould.
Sumber : MT Newswires
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