Biggest daily loss in 2 weeks for index
By Feng Jianmin and Pan Xiaoyi |
July 14, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks posted the biggest daily loss in two weeks yesterday after the central government vowed to continue the tighter measures "unswervingly" to crack down on property speculators.
The Shanghai Composite Index fell 1.62 percent to close at 2,450.29. Turnover shrank to 63.3 billion yuan (US$9.3 billion) from 72.3 billion yuan on Monday.
Measures to restrict loans on second and third homes and to reduce the footprint of state-owned companies in the real estate market will be maintained, the Ministry of Housing and Urban-Rural Development, China Banking Regulatory Commission and State-owned Assets Supervision and Administration Commission said on Monday in response to media reports that curbs on property speculation may ease.
"The authorities' denial of an easing in real estate policies has dampened market confidence," Guangzhou Wanlong Stock Consulting Co wrote. "Market investors now don't expect the policies to ease as the government reiterates its tough stance toward the property market, which will restrict the rebound of the key index."
Property firms led losers after prices posted the first monthly drop in 16 months in June. Property prices nationwide fell 0.1 percent last month from May, the National Bureau of Statistics said.
Poly Real Estate Group Co, the second-largest property firm by market value, slid 4.3 percent to 11.33 yuan. Gemdale Corp fell 4 percent to 6.47 yuan, and China Merchants Property Development Co lost 4 percent to 16.41 yuan.
Steel makers fell after rules to curb overcapacity and cut emissions were released. Baoshan Iron and Steel Co dipped 2.8 percent to 5.98 yuan and Wuhan Iron and Steel Co lost 2.4 percent to 4.40 yuan.
The Shanghai Composite Index fell 1.62 percent to close at 2,450.29. Turnover shrank to 63.3 billion yuan (US$9.3 billion) from 72.3 billion yuan on Monday.
Measures to restrict loans on second and third homes and to reduce the footprint of state-owned companies in the real estate market will be maintained, the Ministry of Housing and Urban-Rural Development, China Banking Regulatory Commission and State-owned Assets Supervision and Administration Commission said on Monday in response to media reports that curbs on property speculation may ease.
"The authorities' denial of an easing in real estate policies has dampened market confidence," Guangzhou Wanlong Stock Consulting Co wrote. "Market investors now don't expect the policies to ease as the government reiterates its tough stance toward the property market, which will restrict the rebound of the key index."
Property firms led losers after prices posted the first monthly drop in 16 months in June. Property prices nationwide fell 0.1 percent last month from May, the National Bureau of Statistics said.
Poly Real Estate Group Co, the second-largest property firm by market value, slid 4.3 percent to 11.33 yuan. Gemdale Corp fell 4 percent to 6.47 yuan, and China Merchants Property Development Co lost 4 percent to 16.41 yuan.
Steel makers fell after rules to curb overcapacity and cut emissions were released. Baoshan Iron and Steel Co dipped 2.8 percent to 5.98 yuan and Wuhan Iron and Steel Co lost 2.4 percent to 4.40 yuan.
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