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Commodity and property shares drop in Shanghai
By Lydia Chen |
December 28, 2010, Tuesday
|
Online Edition
Online Edition
STOCKS in Shanghai extended losses this morning on worries that more lending control policies from the government will soon come in sight.
The Shanghai Composite Index was down 1.33 percent, or 36.99 points, to 2,744.41 this morning. Turnover shrank to 57.60 billion yuan (US$8.70 billion) from 62.95 billion yuan yesterday morning.
Commodity and energy shares led the decliners on concerns that a tightened monetary policy may slow the growth of the world's second largest economy.
Yanzhou Coal Mining Co lost 3.06 percent to 27.25 yuan while Xishan Coal & Electricity Power Group Co was down 2.23 percent to 25.90 yuan.
Jiangxi Copper Co skipped 1.44 percent to 41.20 yuan. Yunnan Tin Co trimmed 1.46 percent to 29.41 yuan.
China Merchants Property Development Co led developers down after yesterday's slump after a deputy governor of China's central bank yesterday reiterated the country's tough stance against inflation and asset price bubbles.
Merchants Property shed 3.35 percent to 16.45 yuan while China Vanke Co, the biggest Chinese developer, lost 0.69 percent to 8.69 yuan.
Hu Xiaolian, a deputy government of the People's Bank of China, said China had been normalizing policy and will explore new ways to manage excess cash, a major driver behind a stubbornly high inflation that hit a 28-month record last month.
The Shanghai Composite Index was down 1.33 percent, or 36.99 points, to 2,744.41 this morning. Turnover shrank to 57.60 billion yuan (US$8.70 billion) from 62.95 billion yuan yesterday morning.
Commodity and energy shares led the decliners on concerns that a tightened monetary policy may slow the growth of the world's second largest economy.
Yanzhou Coal Mining Co lost 3.06 percent to 27.25 yuan while Xishan Coal & Electricity Power Group Co was down 2.23 percent to 25.90 yuan.
Jiangxi Copper Co skipped 1.44 percent to 41.20 yuan. Yunnan Tin Co trimmed 1.46 percent to 29.41 yuan.
China Merchants Property Development Co led developers down after yesterday's slump after a deputy governor of China's central bank yesterday reiterated the country's tough stance against inflation and asset price bubbles.
Merchants Property shed 3.35 percent to 16.45 yuan while China Vanke Co, the biggest Chinese developer, lost 0.69 percent to 8.69 yuan.
Hu Xiaolian, a deputy government of the People's Bank of China, said China had been normalizing policy and will explore new ways to manage excess cash, a major driver behind a stubbornly high inflation that hit a 28-month record last month.
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