Higher
starts for both the Hong Kong and Shanghai share markets, brought on by
Monday's launch of the Stock Connect program, had almost disappeared
half an hour into trading, with concern surfacing as new data out of
China showed the bad-debt ratio for major banks had jumped to a
four-year-high.
The
Hang Seng Index moved off its 0.9% opening gain to trade with a loss of
0.5%. Over on the mainland, the Shanghai Composite Index also gave up
most of its initial advance of 1.2% to trade with a gain of just 0.2%.
Earlier
in the morning, Hong Kong and Shanghai authorities announced that the
long-awaited Stock Connect, allowing direct trade between the two
markets, had officially started, allowing foreign individudal investors
to buy mainland Chinese stocks for the first time ever. However, a day
earlier, statistics from China's top banking regulator showed that
banks' non-performing loans was higher as of the end of September,
marking a 12th consecutive quarter of rising bad loans. The
non-performing-loan ratio climbed to 1.16%, marking the highest level in
four years.
Source : Market Watch
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