China Stocks end mixed

The Mainland China share market finished session mixed on Monday, 13 September 2021, as Chinese electric vehicle stocks fell after the country's industry minister said consolidation in the sector is needed as there are too many EV makers in China.

At closing bell, the benchmark Shanghai Composite Index was up 0.33%, or 12.26 points, to 3,715.37. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.05%, or 1.18 points, to 2,500.83. The blue-chip CSI300 index fell 0.44%, or 21.86 points, to 4,991.66.

Stocks of Chinese property developer Soho China plunged 35% after a takeover deal by Blackstone Group fell through. Soho China said in a filing on Friday that Blackstone has decided not to go through with its $3 billion bid to buy the developer.

 

ECONOMIC NEWS: Chinese banks extended 1.22 trillion yuan ($189.51 billion) in new yuan loans in August, up from 1.08 trillion yuan the previous month and against 1.28 trillion yuan a year earlier, according to data released by the People's Bank of China on Friday. Broad M2 money supply grew 8.2% from a year earlier and Outstanding yuan loans grew 12.1% from a year earlier.

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