Related News

Home » Business » Finance

Shanghai index slides 4% over week

SHANGHAI'S key stock index lost more than 2 percent on the last trading day of the week after property shares plunged on more measures to curb land prices.

The benchmark Shanghai Composite Index was down 2.05 percent, or 65.19 points, to close at 3,113.89 points. Turnover was 116.5 million yuan (US$17.1 billion). Losers outnumbered gainers 818 to 54, and 41 shares remained unchanged. The index has fallen 4.11 percent since Monday.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 3.50 percent to close at 1,127.88 points.

China has raised the downpayment requirement for land purchases to at least 50 percent of the total price, the Ministry of Finance said on its Website. Previously most deposits on land purchases ranged from 20 percent to 30 percent.

China Vanke Co, the nation's biggest listed property developer, tumbled 6.03 percent to 10.59 yuan. Gemdale Corporation retreated 7.82 percent to 13.20 yuan. Poly Real Estate Group sank 7.48 percent to 21.88 yuan. Shanghai Shimao Co Ltd lowered 4.83 percent to 15.77 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, lowered 0.77 percent to 5.13 yuan. Shanghai Pudong Development Bank dipped 3.13 percent to 20.73 yuan. China Construction Bank was down 1.68 percent to close at 5.86 yuan.

More new share sales are also expected next week. China CNR Corp, which supplies rail cars used in Beijing's subway, said it plans to raise as much as 13.9 billion yuan in a Shanghai IPO, while China National Chemical Engineering Co. said it intends to raise 2.92 billion yuan.

Guoyuan Securities dropped 1.90 percent to 19.63 yuan. Changjiang Securities lowered 1.92 percent to 17.85 yuan.

Metal producers were also flat after gold slid 2.5 percent in New York. Zijin Mining Co buckled 4.27 percent to 9.63 yuan. Jiangxi Copper Co tumbled 6.20 percent to 37.96 yuan. Zhongjin Gold Co lost 4.72 percent to 57.73 yuan. Aluminum Corporation of China Ltd sank 8.38 percent to 13.89 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend