Banks and property pull key index down
By Feng Jianmin and Ding Yining |
September 9, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly lower yesterday as property developers and banks fell on worries that a rebound in home prices may see more stringent measures being unveiled, while gold miners gained.
The Shanghai Composite edged down 0.11 percent, or 3.07 points, to close at 2,695.29. Turnover stood at 131 billion yuan (US$19.3 billion).
The statistics bureaus in Beijing and Shanghai have launched an investigation into the vacancy rates of residential properties to collect data to help improve methodology in drafting follow-up policies to curb property bubbles, China Business News cited unnamed sources yesterday.
That spurred market worries that the central government may restrict property companies' fund-raising activities, which would hurt sales revenue and earnings.
Poly Real Estate Co dropped 2.8 percent to 11.80 yuan and China Vanke fell 2.39 percent to 8.57 yuan. Gemdale Corp lost 2 percent to 6.52 yuan and China Merchants Property Development Co slid 3.43 percent to 18.17 yuan.
Banks also closed lower after the Shanghai Securities News reported yesterday that the China Banking Regulatory Commission may order them to increase reserves to hedge against bad loan risks.
Bank of China dipped 0.88 percent to 3.37 yuan, Industrial and Commercial Bank of China lost 1 percent to 4.09 yuan and China Merchants Bank dropped 2 percent to 13.56 yuan.
Gold miners bucked the downward trend after bullion traded at US$1,251.30 an ounce on Tuesday, the highest level since June this year, as investors pursued alternative investment.
Zhongjin Gold Co rose 3.1 percent to 36.29 yuan. Shandong Gold Mining Co, China's third-largest bullion firm, gained 2.88 percent to 45.30 yuan.
The Shanghai Composite edged down 0.11 percent, or 3.07 points, to close at 2,695.29. Turnover stood at 131 billion yuan (US$19.3 billion).
The statistics bureaus in Beijing and Shanghai have launched an investigation into the vacancy rates of residential properties to collect data to help improve methodology in drafting follow-up policies to curb property bubbles, China Business News cited unnamed sources yesterday.
That spurred market worries that the central government may restrict property companies' fund-raising activities, which would hurt sales revenue and earnings.
Poly Real Estate Co dropped 2.8 percent to 11.80 yuan and China Vanke fell 2.39 percent to 8.57 yuan. Gemdale Corp lost 2 percent to 6.52 yuan and China Merchants Property Development Co slid 3.43 percent to 18.17 yuan.
Banks also closed lower after the Shanghai Securities News reported yesterday that the China Banking Regulatory Commission may order them to increase reserves to hedge against bad loan risks.
Bank of China dipped 0.88 percent to 3.37 yuan, Industrial and Commercial Bank of China lost 1 percent to 4.09 yuan and China Merchants Bank dropped 2 percent to 13.56 yuan.
Gold miners bucked the downward trend after bullion traded at US$1,251.30 an ounce on Tuesday, the highest level since June this year, as investors pursued alternative investment.
Zhongjin Gold Co rose 3.1 percent to 36.29 yuan. Shandong Gold Mining Co, China's third-largest bullion firm, gained 2.88 percent to 45.30 yuan.
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