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Developers wither over news of property tax trial
By Feng Jianmin |
October 19, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower in the morning session, led by property developers and banks, while appliances producers gained on speculation that the country may raise people's income to boost domestic demand.
The benchmark Shanghai Composite Index edged down 0.3 percent, or 8.9 points, to close at 2,946.4. Turnover dropped to 107.2 billion yuan (US$16.1 billion) from last Friday morning's 189.7 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, was up 0.3 percent to 12,689.8.
Property developers dropped on news that the State Council may approve trial of property tax early next year, reported Oriental Morning Post.
China Merchants Property Development Co fell 1.5 percent to 19.75 yuan after reporting its net profit in third quarter dropped 20.5 percent from last year. China Vanke declined 4 percent to 9.24 yuan. Poly Real Estate Co retreated 5 percent to 14.83 yuan.
Banks were weak after China Construction Bank and the Bank of China released plans to raise fund through rights issue. Bank of China dipped 0.5 percent to 3.60 yuan. China Construction Bank edged down 0.38 percent to 5.22 yuan. Industrial and Commercial Bank of China lost 1.5 percent to 4.60 yuan.
Appliance producers led the gainers after the next Five-Year Plan reaffirmed decision to raise income for both rural and urban residents. Feile Acoustics Co jumped by the daily limit of 10 percent to 12.07 yuan. Qingdao Haier Co advanced 2.55 percent to 24.55 yuan. GD Midea Holding Co grew 3.23 percent to 17.25 yuan.
The benchmark Shanghai Composite Index edged down 0.3 percent, or 8.9 points, to close at 2,946.4. Turnover dropped to 107.2 billion yuan (US$16.1 billion) from last Friday morning's 189.7 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, was up 0.3 percent to 12,689.8.
Property developers dropped on news that the State Council may approve trial of property tax early next year, reported Oriental Morning Post.
China Merchants Property Development Co fell 1.5 percent to 19.75 yuan after reporting its net profit in third quarter dropped 20.5 percent from last year. China Vanke declined 4 percent to 9.24 yuan. Poly Real Estate Co retreated 5 percent to 14.83 yuan.
Banks were weak after China Construction Bank and the Bank of China released plans to raise fund through rights issue. Bank of China dipped 0.5 percent to 3.60 yuan. China Construction Bank edged down 0.38 percent to 5.22 yuan. Industrial and Commercial Bank of China lost 1.5 percent to 4.60 yuan.
Appliance producers led the gainers after the next Five-Year Plan reaffirmed decision to raise income for both rural and urban residents. Feile Acoustics Co jumped by the daily limit of 10 percent to 12.07 yuan. Qingdao Haier Co advanced 2.55 percent to 24.55 yuan. GD Midea Holding Co grew 3.23 percent to 17.25 yuan.
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