Fears of more home curbs hit key index
By Feng Jianmin |
July 19, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for the first time in four days after government data showed home prices rose in China, fueling concern the government will boost curbs to slow gains.
The Shanghai Composite Index edged down 0.1 percent to close at 2,816.69 points.
"Concerns over tighter measures on the property market and rapidly rising inflation are weighing down the market," said Du Liang, an analyst at Shanxi Securities. "The key index has grown significantly recently, but it may show downward pressure in the days to come."
Property developers were mixed after the National Bureau of Statistics yesterday said home prices in 44 of the 70 major cities in China rose in June from a month earlier.
China's housing authority has launched probes into excessive gains in housing prices in second and third-tier cities, China Business News reported over the weekend.
Guangzhou Pearl River Industrial Development Co fell 2.4 percent to 14.12 yuan (US$2.41). Poly Real Estate Group Co added 0.8 percent to 10.68 yuan.
Oil producers dropped on concerns that oil firms will face a heavier tax after an official at China's top tax bureau said on Saturday a draft plan to raise the tax on energy resources has been submitted to the State Council. Under the plan tax will be levied on price rather than quantity.
PetroChina Co lost 0.7 percent to end at 10.69 yuan. Sinopec dipped 0.4 percent to close at 8.03 yuan.
The Shanghai Composite Index edged down 0.1 percent to close at 2,816.69 points.
"Concerns over tighter measures on the property market and rapidly rising inflation are weighing down the market," said Du Liang, an analyst at Shanxi Securities. "The key index has grown significantly recently, but it may show downward pressure in the days to come."
Property developers were mixed after the National Bureau of Statistics yesterday said home prices in 44 of the 70 major cities in China rose in June from a month earlier.
China's housing authority has launched probes into excessive gains in housing prices in second and third-tier cities, China Business News reported over the weekend.
Guangzhou Pearl River Industrial Development Co fell 2.4 percent to 14.12 yuan (US$2.41). Poly Real Estate Group Co added 0.8 percent to 10.68 yuan.
Oil producers dropped on concerns that oil firms will face a heavier tax after an official at China's top tax bureau said on Saturday a draft plan to raise the tax on energy resources has been submitted to the State Council. Under the plan tax will be levied on price rather than quantity.
PetroChina Co lost 0.7 percent to end at 10.69 yuan. Sinopec dipped 0.4 percent to close at 8.03 yuan.
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