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Developers drop on concerns about sustained tightening
By Feng Jianmin |
August 27, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session on concerns that government restrictions on the property market will not be eased.
The benchmark Shanghai Composite edged down 0.34 percent, or 8.73 points, to close at 2,623.94 points. Turnover fell to 36.5 billion yuan (US$ 5.4 billion) from yesterday morning's 45.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.1 percent higher at 1,120.15 points.
The central government will continue to implement strict curbs on property speculation and increase supply of land and low-cost homes in the second half of this year, said Zhang Ping, director National Development and Reform Commission, in a report to China's top legislative body yesterday.
Property developers went weak. China Vanke declined 1.17 percent to 8.43 yuan. Gemdale Corp dipped 0.15 percent to 6.54 yuan. China Merchants Property Development Co trailed 1.55 percent to 19.10 yuan. Poly Real Estate Co lost 0.74 percent to 12.05 yuan.
Banks were flat after Bank of China and Industrial and Commercial Bank of China reported positive earnings in the first half. Bank of China dipped 0.29 percent to 3.39 yuan after saying its first half profit grew 26.87 percent annually.
ICBC said that its net profit in the first half increased 27.6 percent from last year to 84.6 billion yuan, making it the most profitable company of those having released mid-term reports. Its share was unchanged at 4.12 yuan.
Stocks related to the Xinjiang Uygur Autonomous Region led the gainers on speculation that the China Securities Regulatory Commission will work to boost the region's capital-market activities after its visit today. Xinjiang Tianshan Wollen Textile Co jumped by 10 percent daily limit to 13.62 yuan. Xinjiang Beixin Roal and Construction Co added 2.28 percent to 27.38 yuan. Xinjiang Urban Construction Co gained 1.57 percent to 12.32 yuan.
The benchmark Shanghai Composite edged down 0.34 percent, or 8.73 points, to close at 2,623.94 points. Turnover fell to 36.5 billion yuan (US$ 5.4 billion) from yesterday morning's 45.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.1 percent higher at 1,120.15 points.
The central government will continue to implement strict curbs on property speculation and increase supply of land and low-cost homes in the second half of this year, said Zhang Ping, director National Development and Reform Commission, in a report to China's top legislative body yesterday.
Property developers went weak. China Vanke declined 1.17 percent to 8.43 yuan. Gemdale Corp dipped 0.15 percent to 6.54 yuan. China Merchants Property Development Co trailed 1.55 percent to 19.10 yuan. Poly Real Estate Co lost 0.74 percent to 12.05 yuan.
Banks were flat after Bank of China and Industrial and Commercial Bank of China reported positive earnings in the first half. Bank of China dipped 0.29 percent to 3.39 yuan after saying its first half profit grew 26.87 percent annually.
ICBC said that its net profit in the first half increased 27.6 percent from last year to 84.6 billion yuan, making it the most profitable company of those having released mid-term reports. Its share was unchanged at 4.12 yuan.
Stocks related to the Xinjiang Uygur Autonomous Region led the gainers on speculation that the China Securities Regulatory Commission will work to boost the region's capital-market activities after its visit today. Xinjiang Tianshan Wollen Textile Co jumped by 10 percent daily limit to 13.62 yuan. Xinjiang Beixin Roal and Construction Co added 2.28 percent to 27.38 yuan. Xinjiang Urban Construction Co gained 1.57 percent to 12.32 yuan.
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