Shanghai Composite slips 0.72%

Mainland China share market closed down after reversing intraday gain late afternoon on Thursday, 16 October 2014, after senior People's Bank of China official warned Chinese credit growth is set to decline as the economy slows. All ten SSE sectors declined, with shares of technology, energy, telecom, utilities and material companies being major losers. The benchmark Shanghai Composite index declined 17.17 points, or 0.72%, to finish at 2356.50.

Sheng Songcheng, director of the bank's statistics department, said "in future, money and credit growth will tend to decline in line with the increase of economic aggregates and slowing potential economic growth.

The People's Bank of China said earlier on Thursday that September net new loans were 857.2 billion yuan, above the August's 702.5 billion yuan. M2 money supply grew 12.9% from a year earlier.

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