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Banks, developers lead shares lower at midday
By Lu Nengneng |
April 26, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market dipped slightly in the morning session as blue chips like property developers and banks were weak.
The key benchmark Shanghai Composite Index dropped 0.21 percent at 2,401.83 points by the noon break. Turnover stood at 61.3 billion yuan (US$9.7 billion).
Industrial Securities said in a note that the focal point of the stock market has shifted from inflation to economic growth, which decelerated for a fifth quarter in the first quarter of this year.
Banks bore the brunt of this morning's losses, as speculation about another reserve requirement cut hasn't come to fruition yet. Industrial and Commercial Bank of China, the country's biggest lender, dropped 0.9 percent to 4.38 yuan. China Construction Bank lost 0.6 percent to 4.78 yuan.
Property developers also retreated. China Merchants Property Development shed 0.4 percent to 22.61 yuan. Shanghai New Huangpu Real Estate slumped 3.1 percent to 10.69 yuan.
The key benchmark Shanghai Composite Index dropped 0.21 percent at 2,401.83 points by the noon break. Turnover stood at 61.3 billion yuan (US$9.7 billion).
Industrial Securities said in a note that the focal point of the stock market has shifted from inflation to economic growth, which decelerated for a fifth quarter in the first quarter of this year.
Banks bore the brunt of this morning's losses, as speculation about another reserve requirement cut hasn't come to fruition yet. Industrial and Commercial Bank of China, the country's biggest lender, dropped 0.9 percent to 4.38 yuan. China Construction Bank lost 0.6 percent to 4.78 yuan.
Property developers also retreated. China Merchants Property Development shed 0.4 percent to 22.61 yuan. Shanghai New Huangpu Real Estate slumped 3.1 percent to 10.69 yuan.
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