Car shares drive index to register lower close
By Lydia Chen |
December 25, 2010, Saturday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday slipped for a third day as investors cashed out of auto stocks over new restrictions on car sales in Beijing.
The Shanghai Composite Index lost 0.7 percent, or 20.06 points, to 2,835.16. Turnover fell to 95.89 billion yuan (US$14.38 billion) from 110.9 billion yuan on Thursday.
The index lost 2 percent this week, a sixth decline in seven weeks. It has fallen 13 percent so far this year, the worst performer among major Asian benchmarks. The decline was largely blamed on concerns the government will release more tightening measures to cap inflation that reached a 28-month high last month.
Car buyers in Beijing, notorious for its traffic congestion, will have to draw lots to obtain a new license plate from a quota of 240,000 next year. About 88 percent will be allocated to individual buyers, the city government said on Thursday.
Other initiatives included higher parking fees, the banning of vehicles registered outside the capital from the city center and limiting a resident to owning one car.
SAIC Motor Corp, the country's biggest auto maker, lost 2.31 percent to 15.63 yuan.
Beijing-based Beiqi Foton Motor Co fell 4.53 percent to 24.88 yuan.
Metal shares shed, with Aluminum Corp of China off 2.64 percent to 10.31 yuan and Shandong Gold Mining down 2.6 percent to 51.78 yuan.
The Shanghai Composite Index lost 0.7 percent, or 20.06 points, to 2,835.16. Turnover fell to 95.89 billion yuan (US$14.38 billion) from 110.9 billion yuan on Thursday.
The index lost 2 percent this week, a sixth decline in seven weeks. It has fallen 13 percent so far this year, the worst performer among major Asian benchmarks. The decline was largely blamed on concerns the government will release more tightening measures to cap inflation that reached a 28-month high last month.
Car buyers in Beijing, notorious for its traffic congestion, will have to draw lots to obtain a new license plate from a quota of 240,000 next year. About 88 percent will be allocated to individual buyers, the city government said on Thursday.
Other initiatives included higher parking fees, the banning of vehicles registered outside the capital from the city center and limiting a resident to owning one car.
SAIC Motor Corp, the country's biggest auto maker, lost 2.31 percent to 15.63 yuan.
Beijing-based Beiqi Foton Motor Co fell 4.53 percent to 24.88 yuan.
Metal shares shed, with Aluminum Corp of China off 2.64 percent to 10.31 yuan and Shandong Gold Mining down 2.6 percent to 51.78 yuan.
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