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Developers lead stock decline in Shanghai
By Lydia Chen |
December 28, 2010, Tuesday
|
Online Edition
Online Edition
STOCKS in Shanghai fell for a fifth day today as a prospect of more tightened monetary policies weighed on the market.
The Shanghai Composite Index was down 1.74 percent, or 48.41 points, to 2,732.99. Turnover shrank to 96.99 billion yuan (US$14.65 billion) from 123.39 billion yuan yesterday.
Developers paced the drop amid remarks by several senior officials reiterating the country's tough stance against inflation and asset price bubbles.
China Merchants Property Development Co shed 5.99 percent to 16 yuan while China Vanke Co, the biggest Chinese developer, lost 4.80 percent to 8.33 yuan.
Developers have been gloomy since China tightened monetary control because a higher interest rate will drain developers' capital and increase individuals' borrowing costs at homes.
Central bank adviser Li Daokui told the 21st Century Business Herald that adjustments in rates and reserve requirements are "very necessary" in 2011, especially in the first half.
The remarks echoed those of Hu Xiaolian, a deputy governor of the People's Bank of China, who said that the government had been normalizing policies and will explore new ways to manage excess cash, a major driver behind a stubbornly high inflation that hit 28-month record last month.
Commodity and energy shares also fell on concerns that a tightened monetary policy may slow the growth of the world's second largest economy.
Yanzhou Coal Mining Co lost 3.02 percent to 27.26 yuan while Xishan Coal & Electricity Power Group Co was down 1.66 percent to 26.05 yuan.
The Shanghai Composite Index was down 1.74 percent, or 48.41 points, to 2,732.99. Turnover shrank to 96.99 billion yuan (US$14.65 billion) from 123.39 billion yuan yesterday.
Developers paced the drop amid remarks by several senior officials reiterating the country's tough stance against inflation and asset price bubbles.
China Merchants Property Development Co shed 5.99 percent to 16 yuan while China Vanke Co, the biggest Chinese developer, lost 4.80 percent to 8.33 yuan.
Developers have been gloomy since China tightened monetary control because a higher interest rate will drain developers' capital and increase individuals' borrowing costs at homes.
Central bank adviser Li Daokui told the 21st Century Business Herald that adjustments in rates and reserve requirements are "very necessary" in 2011, especially in the first half.
The remarks echoed those of Hu Xiaolian, a deputy governor of the People's Bank of China, who said that the government had been normalizing policies and will explore new ways to manage excess cash, a major driver behind a stubbornly high inflation that hit 28-month record last month.
Commodity and energy shares also fell on concerns that a tightened monetary policy may slow the growth of the world's second largest economy.
Yanzhou Coal Mining Co lost 3.02 percent to 27.26 yuan while Xishan Coal & Electricity Power Group Co was down 1.66 percent to 26.05 yuan.
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