China shares suffer biggest loss in a month, profit-taking saps outperformers

Business & Markets 2013
Written by Reuters
Wednesday, 11 December 2013 15:28
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HONG KONG (Dec 11): China shares suffered their biggest daily loss in a
month on Wednesday, led by the non-banking financial sector as investors took
profits on recent outperformers before the end of an annual economic planning
meeting.
While 2014 economic targets decided at the meeting, which started on
Tuesday, are usually only announced in March, investors expect a communiqué
at the end of the meeting to signal Beijing's reform priorities for the new year.
The CSI300 of the leading Shanghai and Shenzhen A-share listings ended
down 1.7 percent at 2,412.8 points, while the Shanghai Composite Index sank
1.5 percent. This was their respective biggest daily loss since Nov. 13 as
Shanghai volume stayed under its 20-day moving average for a third-straight
session.
Coal producers again sank, while clean energy counters rose after the National
Development and Reform Commission listed its key energy conservation initiatives for 2014, which include reducing coal consumption and
formulating a programme to control its usage, according to the Securities Times.
Chinese banking counters were put on the defensive after five Chinese banks sold 19 billion yuan ($3 billion) of negotiable certificates of
deposits (NCDs) on Thursday, the official Shanghai Clearing House announced on its website, ushering a new phase for the liberalisation
of Chinese interest rates. - Reuters