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Cement companies lead stocks slump
By Hu Xiaocen |
April 25, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI stocks fell today, amid ongoing concerns over government measures to control housing prices.
There are fears that controls will further hit big cement companies that have already reported losses in the first quarter, as well as limit growth of other corporations.
The Shanghai Composite Index fell 0.86 percent to 2,199.31 points today, led by cement producers that slumped 3.4 percent on average.
Shaanxi Qinling Cement Group Co reported a loss of 39 million yuan (US$6.3 million) in the first quarter last week, retreated 3.6 percent to 5.66 yuan today.
Sichuan Shuangma Cement Co saw an 8 million loss in the same period, plunged 7.4 percent to 7.29 yuan.
Anhui Conch Cement Co, China's biggest producer of the material, lost 3.8 percent to 17.62 yuan.
Property developers also retreated after the China Securities Journal reported that Hangzhou, capital of Zhejiang Province, will soon levy property tax as the government plans to extend the tax trial to more parts of the country.
China's No.1 developer Vanke lost 2.8 percent to 10.98 yuan.
Second-largest developer, Poly Real Estate Group Co, slumped 3.3 percent to 11.58 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co fell 0.9 percent to 11.32 yuan.
"Economic recovery was weaker than expected. The government's tolerance of slower growth is in the market spotlight," said Northeast Securities in a research note today.
"Given less pressure from the current price level, liquidity crunch will stay at ease. And market volatility will narrow."
According to the latest poll by Citic Securities Co, the average estimation for China's growth in the second quarter by 27 institutions stood at 8 percent.
China recorded 7.7 percent growth in the first quarter.
There are fears that controls will further hit big cement companies that have already reported losses in the first quarter, as well as limit growth of other corporations.
The Shanghai Composite Index fell 0.86 percent to 2,199.31 points today, led by cement producers that slumped 3.4 percent on average.
Shaanxi Qinling Cement Group Co reported a loss of 39 million yuan (US$6.3 million) in the first quarter last week, retreated 3.6 percent to 5.66 yuan today.
Sichuan Shuangma Cement Co saw an 8 million loss in the same period, plunged 7.4 percent to 7.29 yuan.
Anhui Conch Cement Co, China's biggest producer of the material, lost 3.8 percent to 17.62 yuan.
Property developers also retreated after the China Securities Journal reported that Hangzhou, capital of Zhejiang Province, will soon levy property tax as the government plans to extend the tax trial to more parts of the country.
China's No.1 developer Vanke lost 2.8 percent to 10.98 yuan.
Second-largest developer, Poly Real Estate Group Co, slumped 3.3 percent to 11.58 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co fell 0.9 percent to 11.32 yuan.
"Economic recovery was weaker than expected. The government's tolerance of slower growth is in the market spotlight," said Northeast Securities in a research note today.
"Given less pressure from the current price level, liquidity crunch will stay at ease. And market volatility will narrow."
According to the latest poll by Citic Securities Co, the average estimation for China's growth in the second quarter by 27 institutions stood at 8 percent.
China recorded 7.7 percent growth in the first quarter.
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