Home price fall, slower GDP growth sink index
By Hu Xiaocen |
January 19, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market tumbled yesterday as China's gross domestic product growth is expected to slow in 2012 while housing prices fell in December across the country.
The Shanghai Composite Index fell 1.39 percent to 2,266.38 after its biggest rally in 27 months on Tuesday.
The United Nations predicted recently that China's GDP growth will ease to 8.7 percent this year from 9.2 percent last year while the Chinese Academy of Sciences forecast a slower expansion of 8.5 percent.
"The A-share market is expected to recover from its tumble in 2011, but China's economic slowdown and the global market instability will affect its performance," the China Center for Market Value Management said in a report.
Energy stocks dropped amid concerns that the possible contraction of industrial activities will dampen demand for power use.
China Petroleum and Chemical Corp, better known as Sinopec, slumped 2.07 percent to 7.58 yuan (US$1.20). China Shenhua Energy Co, the country's biggest coal producer, lost 1.83 percent to 26.88 yuan. Huaneng Power International, the listed unit of China's largest power group, fell 3.28 percent to 5.31 yuan.
Property developers also declined after new home prices fell for a third straight month in December. Poly Real Estate Group, China's second-largest listed developer, shed 2.22 percent to 10.12 yuan.
The average price dipped 0.3 percent from November, and 52 of 70 cities monitored saw price drops, the National Bureau of Statistics said yesterday.
The Shanghai Composite Index fell 1.39 percent to 2,266.38 after its biggest rally in 27 months on Tuesday.
The United Nations predicted recently that China's GDP growth will ease to 8.7 percent this year from 9.2 percent last year while the Chinese Academy of Sciences forecast a slower expansion of 8.5 percent.
"The A-share market is expected to recover from its tumble in 2011, but China's economic slowdown and the global market instability will affect its performance," the China Center for Market Value Management said in a report.
Energy stocks dropped amid concerns that the possible contraction of industrial activities will dampen demand for power use.
China Petroleum and Chemical Corp, better known as Sinopec, slumped 2.07 percent to 7.58 yuan (US$1.20). China Shenhua Energy Co, the country's biggest coal producer, lost 1.83 percent to 26.88 yuan. Huaneng Power International, the listed unit of China's largest power group, fell 3.28 percent to 5.31 yuan.
Property developers also declined after new home prices fell for a third straight month in December. Poly Real Estate Group, China's second-largest listed developer, shed 2.22 percent to 10.12 yuan.
The average price dipped 0.3 percent from November, and 52 of 70 cities monitored saw price drops, the National Bureau of Statistics said yesterday.
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