Chinese Shares Slip as Central Bank Keeps Benchmark Lending Rates

MT Newswires Live12-20

Chinese shares slipped on Friday as the country's central bank kept its benchmark lending rates unchanged in a widely expected move.

The Shanghai Composite Index, the main gauge of Chinese stocks, inched down 1.96 points to 3,368.07. The Shenzhen Component Index declined 2.42 points to 10,646.62.

The People's Bank of China kept its one-year loan prime rate steady at 3.1% and its five-year loan prime rate at 3.6%. All 27 respondents in a Reuters poll expected China to maintain both loan prime rates.

Meanwhile, China logged a 7.1% year-over-year rise in electricity consumption in the period between January and November, according to the National Energy Administration.

China Petroleum & Chemical (SHA:600028), or Sinopec, expected China's petroleum consumption to peak in 2027 at no more than 800 million metric tons, Reuters reported

In company news, shares of Zhejiang Lanyu Digital Technology (SHE:301585) surged 205% versus their initial public offering of 23.95 yuan per share on the first day of trading on the Shenzhen Stock Exchange.

BBK Test Systems (SHE:301598) shares closed 118% higher in their Shenzhen debut versus their IPO price of 38.46 yuan per share.

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