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Auto and metal shares drop in Shanghai
By Lydia Chen |
December 24, 2010, Friday
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Online Edition
Online Edition
STOCKS in Shanghai dropped slightly in the morning session today, with auto makers leading the fall after Beijing announced a cap on the number of new cars among many other measures to ease congestion in the gridlocked capital.
Metal shares were also among the decliners after commodity prices in the world market fell.
The Shanghai Composite Index, the benchmark index, lost 0.45 percent, or 12.76 points, to 2842.46. Turnover retreated to 54.9 billion yuan (US$8.24 billion) from yesterday morning's 55.5 billion yuan.
SAIC Motor Corp, the biggest publicly traded automaker, lost 1.75 percent to 15.72 yuan. Beiqi Foton Motor Co, a car maker based in Beijing, declined 2.92 percent to 25.30 yuan.
Car makers have been declining since yesterday on a remark by an official at China's top planning body that a preferential tax policy for low-emission vehicles "will almost certainly be scraped" next year.
In other sectors, Jiangxi Copper paced declines for commodity producers, as metal prices retreated.
Jiangxi Copper slid 2.69 percent to 40.14 yuan. Yunnan Copper Industry Co slid 1.49 percent to 24.46 yuan.
On the London Metal Exchange, copper for delivery in three months dropped US$50, or 0.5 percent, to US$9,300 a metric ton. Nickel, zinc and aluminum also fell in London.
On the gaining side, real estate developers and bankers rebounded from yesterday's loss. The rise came along with expectations from analysts at Guotai Junan Securities who predicted developers may embrace a rebound in the next three weeks.
China Vanke, the country's biggest developer, surged 2.38 percent to 9.05 yuan. Poly Real Estate Group Co climbed 0.94 percentt o 14.02 yuan.
Industrial and Commercial Bank of China Limited, the country's largest bank, edged up 0.24 percent to 4.19 yuan while Shenzhen Development Bank buoyed 1.85 percent to 16.53 yuan.
China's property stocks may jump 25 percent from the current level until the middle of January in the absence of further measures to rein in housing prices, according to Guotai Junan.
But investors are still cautious in the year-end as analysts predict there will be at least two to three reserve ratio hikes in 2011 to contain rising inflation.
Metal shares were also among the decliners after commodity prices in the world market fell.
The Shanghai Composite Index, the benchmark index, lost 0.45 percent, or 12.76 points, to 2842.46. Turnover retreated to 54.9 billion yuan (US$8.24 billion) from yesterday morning's 55.5 billion yuan.
SAIC Motor Corp, the biggest publicly traded automaker, lost 1.75 percent to 15.72 yuan. Beiqi Foton Motor Co, a car maker based in Beijing, declined 2.92 percent to 25.30 yuan.
Car makers have been declining since yesterday on a remark by an official at China's top planning body that a preferential tax policy for low-emission vehicles "will almost certainly be scraped" next year.
In other sectors, Jiangxi Copper paced declines for commodity producers, as metal prices retreated.
Jiangxi Copper slid 2.69 percent to 40.14 yuan. Yunnan Copper Industry Co slid 1.49 percent to 24.46 yuan.
On the London Metal Exchange, copper for delivery in three months dropped US$50, or 0.5 percent, to US$9,300 a metric ton. Nickel, zinc and aluminum also fell in London.
On the gaining side, real estate developers and bankers rebounded from yesterday's loss. The rise came along with expectations from analysts at Guotai Junan Securities who predicted developers may embrace a rebound in the next three weeks.
China Vanke, the country's biggest developer, surged 2.38 percent to 9.05 yuan. Poly Real Estate Group Co climbed 0.94 percentt o 14.02 yuan.
Industrial and Commercial Bank of China Limited, the country's largest bank, edged up 0.24 percent to 4.19 yuan while Shenzhen Development Bank buoyed 1.85 percent to 16.53 yuan.
China's property stocks may jump 25 percent from the current level until the middle of January in the absence of further measures to rein in housing prices, according to Guotai Junan.
But investors are still cautious in the year-end as analysts predict there will be at least two to three reserve ratio hikes in 2011 to contain rising inflation.
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