Brokerages, property firms dent shares
Print Edition
SHANGHAI stocks declined yesterday as brokerages dropped on regulatory downgrades while property developers decreased after data showed fewer cities posted month-on-month rises in new home prices.
The Shanghai Composite Index lost 0.35 percent to end at 3,043.56 points. The market has rebounded more than 7 percent since mid-June.
Brokerages slumped after China’s top securities regulator last Friday downgraded the annual regulatory ratings of a number of key securities firms for violating regulations.
CITIC Securities, Haitong Securities, Guosen Securities, GF Securities, Huatai Securities and Industrial Securities were all downgraded from AA to BBB, which would curb their capability for riskier business.
CITIC Securities fell 1.8 percent while Haitong Securities lost 2.1 percent yesterday.
Property developers also fell after data from the National Bureau of Statistics showed that new home prices in 55 of 70 large and medium-sized cities rose month on month in June, five fewer than the previous month.
Tianjin Realty Development (Group) Co dropped 2.5 percent, and Zhejiang Guangsha Co declined 1.9 percent.
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