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Index dips 1% as developers drop
By Ding Yining |
December 15, 2009, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index lowered nearly 1 percent today with a weak performance by property developers after the government planned to tackle price bubbles.
The benchmark Shanghai Composite Index lost 0.86 percent, or 28.44 points, to close at 3,274.46 points. Turnover was 126.1 billion yuan (US$18.5 billion). Gainers outnumbered losers 439 to 412, and 62 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.26 percent to close at 1,214.85 points.
The State Council has indicated it will target excessive growth in property prices and plans to speed up the construction of low-cost housing, Xinhua reported yesterday.
China Vanke Co, the biggest listed domestic real estate developer, lost 3.39 percent to 11.39 yuan. Gemdale Corporation tumbled 5.15 percent to 14.74 yuan. Poly Real Estate Group retreated 3.38 percent to 23.75 yuan.
Ping An Insurance (Group) Co dropped 1.87 percent to 56.24 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, lost 3.26 percent to 31.16 yuan.
Banks were also flat. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.13 percent to 5.26 yuan. Shanghai Pudong Development Bank lost 2.05 percent to 22.01 yuan. China Construction Bank was down 0.98 percent to close at 6.08 yuan.
Oil producers also lowered after crude dropped for an eighth day to below US$70 per barrel. PetroChina, the largest oil producer and biggest heavyweight in the market, lost 1.64 percent to 13.76 yuan.
China Cosco Holdings Co, the world's largest operator of dry-bulk carriers, dropped 1.37 percent to 5.77 yuan after saying it may post a full-year loss after freight dropped with shrinking global trade.
The benchmark Shanghai Composite Index lost 0.86 percent, or 28.44 points, to close at 3,274.46 points. Turnover was 126.1 billion yuan (US$18.5 billion). Gainers outnumbered losers 439 to 412, and 62 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.26 percent to close at 1,214.85 points.
The State Council has indicated it will target excessive growth in property prices and plans to speed up the construction of low-cost housing, Xinhua reported yesterday.
China Vanke Co, the biggest listed domestic real estate developer, lost 3.39 percent to 11.39 yuan. Gemdale Corporation tumbled 5.15 percent to 14.74 yuan. Poly Real Estate Group retreated 3.38 percent to 23.75 yuan.
Ping An Insurance (Group) Co dropped 1.87 percent to 56.24 yuan. China Life Insurance Co Ltd, the country's largest life insurance company, lost 3.26 percent to 31.16 yuan.
Banks were also flat. Industrial & Commercial Bank of China, the nation's biggest lender, lost 1.13 percent to 5.26 yuan. Shanghai Pudong Development Bank lost 2.05 percent to 22.01 yuan. China Construction Bank was down 0.98 percent to close at 6.08 yuan.
Oil producers also lowered after crude dropped for an eighth day to below US$70 per barrel. PetroChina, the largest oil producer and biggest heavyweight in the market, lost 1.64 percent to 13.76 yuan.
China Cosco Holdings Co, the world's largest operator of dry-bulk carriers, dropped 1.37 percent to 5.77 yuan after saying it may post a full-year loss after freight dropped with shrinking global trade.
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