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Bearish start for Shanghai stocks in lunar New Year
By Lu Nengneng |
January 30, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market set a bearish tone for the Year of the Dragon on its first trading day after a week-long break as the country's cooling housing market and limited credit easing overshadow China's economic prospect.
The benchmark Shanghai Composite Index sank 1.47 percent to 2,285.04 points today, wiping away part of the two-day gains before the holiday. Turnover was 51.9 billion yuan (US$8.23 billion).
Short-selling forces dominated the real estate sector because of sluggish home sales during the Spring Festival and a 770.4 billion yuan decrease of home loans last year added to fears over the sector's stagnant future.
Poly Real Estate sank 4.66 percent to 10.43 yuan. China Vanke tumbled 4.43 percent to 7.55 yuan. China Merchants Property Development lost 3.33 percent to 18.27 yuan.
Big losers also include financials, whose ability to cushion the fall of home prices was put into question due to tight liquidity supply.
The central bank didn't trim down the bank reserve requirement ratio as expected before the holiday while the liquidity injection effects of its nearly 400-billion-yuan bill reverse repurchase will expire in early February.
Industrial and Commercial Bank of China, the nation's biggest lender, shed 2.06 percent to 4.27 yuan. Bank of China retreated 1.32 percent to 2.99 yuan. China CITIC Bank dropped 1.58 percent to 4.37 yuan.
The benchmark Shanghai Composite Index sank 1.47 percent to 2,285.04 points today, wiping away part of the two-day gains before the holiday. Turnover was 51.9 billion yuan (US$8.23 billion).
Short-selling forces dominated the real estate sector because of sluggish home sales during the Spring Festival and a 770.4 billion yuan decrease of home loans last year added to fears over the sector's stagnant future.
Poly Real Estate sank 4.66 percent to 10.43 yuan. China Vanke tumbled 4.43 percent to 7.55 yuan. China Merchants Property Development lost 3.33 percent to 18.27 yuan.
Big losers also include financials, whose ability to cushion the fall of home prices was put into question due to tight liquidity supply.
The central bank didn't trim down the bank reserve requirement ratio as expected before the holiday while the liquidity injection effects of its nearly 400-billion-yuan bill reverse repurchase will expire in early February.
Industrial and Commercial Bank of China, the nation's biggest lender, shed 2.06 percent to 4.27 yuan. Bank of China retreated 1.32 percent to 2.99 yuan. China CITIC Bank dropped 1.58 percent to 4.37 yuan.
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