Index dips on decline in prices of homes
By Hu Xiaocen |
April 20, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks ended lower yesterday as declining home prices overshadowed investor speculation the Chinese government will loosen its monetary policy.
The Shanghai Composite Index edged down 0.09 percent to 2,378.63 points.
"The index is unlikely to break through 2,400 points without policy stimulus," Damo Investment Co said in a note.
Investors were disappointed by the slump in the property market. Home prices fell last month in 46 of the 70 cities monitored by the National Statistics Bureau. In Shanghai, Beijing, Guangzhou and Shenzhen, new home prices dropped for the sixth straight month as the government pledged to keep its tough measures on the property market.
Property developers, brokerages and banks performed weakly.
Shanghai New Huang Pu Real Estate Co dipped 0.1 percent to 9.66 yuan (US$1.53). Citic Securities Co lost 0.8 percent to 13.29 yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.7 percent to 4.35 yuan.
The central bank said on Wednesday that it will "flexibly" adjust the liquidity of the banking system through the reverse repurchase of bills and cuts in the reserve requirement ratios.
The Shanghai Composite Index edged down 0.09 percent to 2,378.63 points.
"The index is unlikely to break through 2,400 points without policy stimulus," Damo Investment Co said in a note.
Investors were disappointed by the slump in the property market. Home prices fell last month in 46 of the 70 cities monitored by the National Statistics Bureau. In Shanghai, Beijing, Guangzhou and Shenzhen, new home prices dropped for the sixth straight month as the government pledged to keep its tough measures on the property market.
Property developers, brokerages and banks performed weakly.
Shanghai New Huang Pu Real Estate Co dipped 0.1 percent to 9.66 yuan (US$1.53). Citic Securities Co lost 0.8 percent to 13.29 yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.7 percent to 4.35 yuan.
The central bank said on Wednesday that it will "flexibly" adjust the liquidity of the banking system through the reverse repurchase of bills and cuts in the reserve requirement ratios.
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