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Housing price gain sends market lower
By Pan Xiaoyi |
September 10, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended lower in the morning session on concerns that more tightened measures will be unveiled after property prices continue to rise in August.
And the concerns intensified as the National Bureau of Statistics decided to release Consumer Price Index, Producer Price Index and other economic data on tomorrow, two days ahead of schedule.
"The inflation level may outpace market expectation and the government wants more time for investors to digest the news," said Xu Yinbin, an analyst from Nanjing Securities.
There are also market speculations the economic data may come along with some adjustments in the monetary policy to curb bubbles in both the housing market and the consumer market.
The benchmark Shanghai Composite Index dipped 0.63 percent, or 16.82 points, to close at 2,639.53 points, driving the gauge to a weekly loss. Turnover stood at 69.3 billion yuan (US$10.2 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.8 percent to close at 1,169.73 points.
Real estate prices in 70 major cities on the Chinese mainland rose 10.3 percent last month, extending their year-on-year gain for the 15th consecutive month, national statistics bureau said today.
Wang Qing, an economist at Morgan Stanley, expected China's Consumer Price Index may edge up to 3.4 percent year on year in August, the highest since October 2008.
Property shares and lenders led the decliners. Poly Real Estate Co lost 2.1 percent to 11.08 yuan and Shanghai Shimao Corp withdrew 1.7 percent to 11.91 yuan. Shanghai Pudong Development Bank eased 1 percent to 13.4 yuan.
Bucking the downward trend, drug makers gained after 18 people had died of infections from a series of tick bites. China Meheco Corp jumped 6 percent to 17.45 yuan. Tianjin Tasly Pharmaceutical Co climbed 2.7 percent to 34.15 yuan.
Elsewhere, China State Construction Engineering Corp dropped 1 percent to 3.5 yuan after saying contract value in the first eight months rose 56 percent from a year ago.
And the concerns intensified as the National Bureau of Statistics decided to release Consumer Price Index, Producer Price Index and other economic data on tomorrow, two days ahead of schedule.
"The inflation level may outpace market expectation and the government wants more time for investors to digest the news," said Xu Yinbin, an analyst from Nanjing Securities.
There are also market speculations the economic data may come along with some adjustments in the monetary policy to curb bubbles in both the housing market and the consumer market.
The benchmark Shanghai Composite Index dipped 0.63 percent, or 16.82 points, to close at 2,639.53 points, driving the gauge to a weekly loss. Turnover stood at 69.3 billion yuan (US$10.2 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.8 percent to close at 1,169.73 points.
Real estate prices in 70 major cities on the Chinese mainland rose 10.3 percent last month, extending their year-on-year gain for the 15th consecutive month, national statistics bureau said today.
Wang Qing, an economist at Morgan Stanley, expected China's Consumer Price Index may edge up to 3.4 percent year on year in August, the highest since October 2008.
Property shares and lenders led the decliners. Poly Real Estate Co lost 2.1 percent to 11.08 yuan and Shanghai Shimao Corp withdrew 1.7 percent to 11.91 yuan. Shanghai Pudong Development Bank eased 1 percent to 13.4 yuan.
Bucking the downward trend, drug makers gained after 18 people had died of infections from a series of tick bites. China Meheco Corp jumped 6 percent to 17.45 yuan. Tianjin Tasly Pharmaceutical Co climbed 2.7 percent to 34.15 yuan.
Elsewhere, China State Construction Engineering Corp dropped 1 percent to 3.5 yuan after saying contract value in the first eight months rose 56 percent from a year ago.
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