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China's stocks close mixed after prudent monetary policy announcement

Source:   Time:

BEIJING, Dec. 3 (Xinhua) -- Chinese stocks closed mixed Friday after leaders said the nation will next year shift from a relatively loose monetary policy to a prudent one while proactive fiscal policies are continued.

The benchmark Shanghai Composite Index lost 0.04 percent, or 1.18 points, to end at 2,842.43.

The Shenzhen Component Index added 0.27 percent, or 33.98 points, to close at 12,443.

Turnover contracted to 206.8 billion yuan (31 billion U.S. dollars) from Thursday's 249.9 billion yuan.

Losers outnumbered gainers by 534 to 340 in Shanghai and 751 to 345 in Shenzhen.

A meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee decided Friday that China will shift its monetary policy stance from relatively loose to prudent next year.

The meeting, chaired by President Hu Jintao, also general secretary of the CPC Central Committee, agreed the country would continue the proactive fiscal policy next year.

Accelerating the transformation of the economic development pattern will be the main focus of next year's work and macro-regulation will be "more targeted, flexible and effective," said a communique of the meeting.

The policy was in line with market expectations and the monetary policy shift will not cause sharp fluctuations in the country's property and stock market in the short term, said Wu Qing, a researcher at the Development Research Center of the State Council.

Real estate developers, oil refiners and food stocks gained.

China Vanke, the nation's biggest property developer, advanced 2.66 percent to 8.49 yuan while Poly Real Estate, the second largest property company, rose 1.72 percent to 12.44 yuan.

PetroChina, the country's largest oil and gas producer, added 1.26 percent to 11.24 yuan.

Bank shares slid as investors feared the prudent monetary will reduce lending. Industrial and Commercial Bank of China, the country's largest lender, fell 0.69 percent to 4.33 yuan.

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