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Construction sector drags stocks down in early trade
By Lu Nengneng |
March 15, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market edged down in the morning trade following weak performance of property developers and their related suppliers.
The key benchmark Shanghai Composite Index was down 0.12 percent to 2,388.26 points by noon break. Turnover stood at 68.3 billion yuan (US$10.8 billion).
The index yesterday posted its biggest losses in more than three months after Premier Wen Jiabao said that housing prices are far from "reasonable" and the controls cannot be relaxed.
Investor sentiment remained volatile in the morning session amid worries that the government's strengthened hardline stance on curbing housing market inflation will hurt China's economy, where the real estate industry plays a key role.
Property developers paced the retreat in the morning. Poly Real Estate sank 1.64 percent to 10.82 yuan. China Merchants Property Development lost 1.1 percent to 19.77 yuan. Gemdale Group shed 1.7 percent to 5.78 yuan.
Construction material producers fell. Anhui Conch Cement, China's biggest cement producer, slumped 2.63 percent to 16.28 yuan. Wuhan Iron & Steel Co went down 1.62 percent to 3.03 yuan.
Heavy machinery makers also tumbled. Sany Heavy Industry Co dropped 1.5 percent to 13.83 yuan.
The key benchmark Shanghai Composite Index was down 0.12 percent to 2,388.26 points by noon break. Turnover stood at 68.3 billion yuan (US$10.8 billion).
The index yesterday posted its biggest losses in more than three months after Premier Wen Jiabao said that housing prices are far from "reasonable" and the controls cannot be relaxed.
Investor sentiment remained volatile in the morning session amid worries that the government's strengthened hardline stance on curbing housing market inflation will hurt China's economy, where the real estate industry plays a key role.
Property developers paced the retreat in the morning. Poly Real Estate sank 1.64 percent to 10.82 yuan. China Merchants Property Development lost 1.1 percent to 19.77 yuan. Gemdale Group shed 1.7 percent to 5.78 yuan.
Construction material producers fell. Anhui Conch Cement, China's biggest cement producer, slumped 2.63 percent to 16.28 yuan. Wuhan Iron & Steel Co went down 1.62 percent to 3.03 yuan.
Heavy machinery makers also tumbled. Sany Heavy Industry Co dropped 1.5 percent to 13.83 yuan.
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