Developers and banks lead index down

By Ye Zhen | August 6, 2013, Tuesday |

Online Edition

SHANGHAI shares edged down this morning as the decline of property developers and financial counters outweighed gains among media firms.

The benchmark Shanghai Composite Index shed 0.16 percent to 2,047.11 points.

Homebuilders dropped after Xu Shaoshi, head of the National Development and Reform Commission, China’s top planning agency, said the government will maintain restriction policies on the housing market.

The statement indicated a tighter stance compared with comments from the politburo meeting last week when the government pledged to promote the steady development of the housing market, without mentioning need for control of the sector.

Poly Real Estate, China’s second-largest developer, lost 2.3 percent to 10.73 yuan (US$1.8). Gemdale Corporation fell 2.1 percent to 7.12 yuan.

Lenders fell among financial institutions although the central bank today injected 12 billion yuan to the money market via seven-day reverse repurchase agreements.

China Minsheng Banking Corp lost 1.2 percent to 8.40 yuan. Industrial Bank Co decreased 1.3 percent to 9.26 yuan. China Merchants Bank fell 1.2 percent to 10.72 yuan.

Media firms surged against the falling index. Zhe Jiang Daily Media Group Co jumped 7 percent to 31.21 yuan. Jiangsu Phoenix Publishing & Media Corp Ltd rose 1.8 percent to 11.31 yuan.

Finance

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Developers and banks lead index down

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