Hong Kong, February 24 (QNA) - China shares tumbled to their lowest in two weeks early on Monday, hurting Hong Kong markets, roiled by mainland news reports saying banks have begun tightening property loans. China Vanke dived more than 6 percent after the official Shanghai Securities News reported on Monday that Industrial Bank may have stopped some types of property-related loans, though several other banks have left property-loan policies unchanged. At midday, the CSI300 of the biggest Shanghai and Shenzhen A-share listings was down 2.6 percent to its lowest since February 7, while the Shanghai Composite Index slid 2 percent to its lowest since February 10. The China Enterprises Index of the top Chinese listings in Hong Kong shed 2.3 percent. The Hang Seng Index sank 1.3 percent to 22,279 points, slipping back below its 200-day moving average, which it rose above a week ago. The Shanghai Securities News said there may be no new loans extended at Industrial Bank until the end of March. Tightening fears have existed for months, analysts said, but Mondays selloff was less pronounced in the credit markets, compared with the stock markets. (QNA)
Posted on: Mon, 24 Feb 2014 13:28:18 +0000
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