The Shanghai Composite Index (SCI) closed down 0.3% on Monday, marking its fourth day of declines, the Los Angeles Times reported. The drop was attributed to investor concerns that US$1.1 trillion in new loans in the first half of 2009 could create stock and real estate bubbles. Property prices in major cities have increased 1% from July last year, but investors are concerned about a surge in unpaid loans. "The amount of excess liquidity available to the stock market is now more abundant than at any time from the early ’90s onward. Without either monetary tightening and/or a sharp rise in nominal economic growth, it could be very difficult to prevent a huge and damaging bubble from emerging," Credit Suisse analaysts said.