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Developers and banks drop amid tightening concerns
By Feng Jianmin |
September 8, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower as property developers and banks trailed on worries that a rebound in home prices may incur more strict measures. Gold miners gained.
The benchmark Shanghai Composite edged down 0.11 percent, or 3.07 points, to close at 2,695.29 points. Turnover stood at 131 billion yuan (US$ 19.3 billion), slightly higher than yesterday morning's 123.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, went up 0.75 percent to 1195.47 points.
Media reports said that Beijing and Shanghai have already launched investigation on house vacancy to collect information and improve methodology for drafting future policies.
That spurred market worries that the central government may force property developers to offer discounts by restricting their fund raising activities.
Poly Real Estate Co dropped 2.8 percent to 11.80 yuan. China Vanke fell 2.39 percen to 8.57 yuan. Gemdale Corp lost 2 percent to 6.52 yuan. China Merchants Property Development Co slid 3.43 percent to 18.17 yuan.
Banks fell after the Shanghai Securities News reported that the China Banking Regulatory Commission may order banks to increase reserves to hedge against bad loan risks.
Bank of China dipped 0.88 percent to 3.37 yuan. Industrial and Commercial Bank of China lost 1 percent to 4.09 yuan. China Merchants Bank dropped 2 percent to 13.56 yuan.
Gold miners led the gainers as bullion price approaches historical high as an alternative investment among weak equities.
Zhongjin Gold Co rose 3.1 percent to 36.29 yuan. Shandong Gold Mining Co, China's third-largest bullion producer, gained 2.88 percent to 45.30 yuan. Zijin Mining Group Co jumped 3.55 percent to 6.71 yuan.
New energy companies gained on speculation that China may invest as much as 5 trillion yuan to develop nuclear, wind and solar power, and to upgrade traditional power generators.
Sufa Technology Industry Co, provider of equipment for nuclear power stations, rose 3.18 percent to 24.99 yuan. Ning Xia Yin Xing Energy Co went up 3.9 percent to 13.74 yuan.
The benchmark Shanghai Composite edged down 0.11 percent, or 3.07 points, to close at 2,695.29 points. Turnover stood at 131 billion yuan (US$ 19.3 billion), slightly higher than yesterday morning's 123.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, went up 0.75 percent to 1195.47 points.
Media reports said that Beijing and Shanghai have already launched investigation on house vacancy to collect information and improve methodology for drafting future policies.
That spurred market worries that the central government may force property developers to offer discounts by restricting their fund raising activities.
Poly Real Estate Co dropped 2.8 percent to 11.80 yuan. China Vanke fell 2.39 percen to 8.57 yuan. Gemdale Corp lost 2 percent to 6.52 yuan. China Merchants Property Development Co slid 3.43 percent to 18.17 yuan.
Banks fell after the Shanghai Securities News reported that the China Banking Regulatory Commission may order banks to increase reserves to hedge against bad loan risks.
Bank of China dipped 0.88 percent to 3.37 yuan. Industrial and Commercial Bank of China lost 1 percent to 4.09 yuan. China Merchants Bank dropped 2 percent to 13.56 yuan.
Gold miners led the gainers as bullion price approaches historical high as an alternative investment among weak equities.
Zhongjin Gold Co rose 3.1 percent to 36.29 yuan. Shandong Gold Mining Co, China's third-largest bullion producer, gained 2.88 percent to 45.30 yuan. Zijin Mining Group Co jumped 3.55 percent to 6.71 yuan.
New energy companies gained on speculation that China may invest as much as 5 trillion yuan to develop nuclear, wind and solar power, and to upgrade traditional power generators.
Sufa Technology Industry Co, provider of equipment for nuclear power stations, rose 3.18 percent to 24.99 yuan. Ning Xia Yin Xing Energy Co went up 3.9 percent to 13.74 yuan.
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