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Shanghai index slips after corporate bond default
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SHANGHAI stocks fell over concerns the latest corporate bond default may add more stress in the financial system.
The Shanghai Composite Index dipped 0.08 percent to 2,057.91 point today. Financial companies retreated following the first corporate bond default on China's mainland.
Shanghai Chaori Solar Energy Science & Technology Co said in a statement on Wednesday that it could only make a 4 million yuan payment on a bond in which 89.8 million yuan (US$14.7 million) was due today.
“Credit spreads will differentiate significantly after the default. The market will become more concerned about issuers' credit worthiness in future. Meanwhile, it also weighs on financial institutions' risk control,” Agricultural Bank of China said in a research note today.
Securities brokerage firms and banks slumped.
Industrial Securities Co retreated 1.7 percent to 8.32 yuan. Everbright Securities Co shed 1.4 percent to 7.89 yuan. Citic Securities Co lost 1.2 percent to 10.52 yuan.
Industrial Bank lost 0.9 percent to 9.03 yuan. Shanghai Pudong Development Bank fell 0.8 percent to 8.73 yuan. China Construction Bank shed 0.5 percent to 9.68 yuan.
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