China Shares Mixed On Lower Lending Data

SHANGHAI (AP) — Chinese shares ended mixed Thursday as profit-taking investors unloaded their stocks on lower lending figures in October.

The benchmark Shanghai Composite Index shed 2.25 points, or 0.1 percent, to close at 3,172.95. The Shenzhen Composite Index for China's second exchange edged up 0.5 percent to 1,141.33.

Analysts said the benchmark was facing pressure around the psychologically important level of 3,200 after an eight-day rally ended Wednesday.

"Technically, the market needed an excuse to fall after advancing for so many days," said Mao Sheng, an analyst for Huaxi Securities in the western city of Chengdu.

But Mao said the upward tendency of the market remained unchanged as the country's economic revival is on track.

Bank shares lost after the central bank Wednesday reported new lending in October fell to the lowest in the year. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, slipped 0.8 percent to 5.31 yuan. Bank of China Ltd. and China Construction Bank Ltd. both declined by 0.5 percent — BOC to 4.17 yuan and CCB to 5.95 yuan.