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Index dips to 5-week low on caution
By Feng Jianmin and Pan Xiaoyi |
September 21, 2010, Tuesday
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Print Edition
Print Edition
SHANGHAI'S key stock index fell to a five-week low yesterday as weak property developers and metal producers overshadowed gains made by airlines.
The Shanghai Composite Index dipped 0.38 percent, or 9.98 points, to 2,588.71, the lowest close since August 12. Turnover totaled 89.8 billion yuan (US$ 13.4 billion), slightly lower than last Friday's 94.7 billion yuan.
"Investors were very cautious ahead of the three-day bourse break while at the same time expectations over tighter policies are rising," said Zhang Gang, an analyst at Central China Securities Co, referring to the Mid-Autumn Festival holiday, which starts tomorrow.
Property developers were weak as the People's Daily and Xinhua news agency repeatedly published articles which warned against speculation as home prices surge.
Gemdale Corp, China's fourth-largest real estate developer by market value, lost 3.1 percent to 5.92 yuan, and Poly Real Estate Co, the second-biggest, dropped 2 percent to 10.80 yuan.
Metal producers fell as their output was hit by energy-saving measures implemented by the authorities. Jiangxi Copper Co, the country's biggest producer of the metal, slid 3.6 percent to 30.73 yuan.
Airlines led gainers because the yuan appreciated 1 percent last week against the US dollar, which helped ease their US-denominated debt. China Eastern Airlines Co climbed 5.6 percent to 8.08 yuan, and Air China gained 2.9 percent to 12.40 yuan.
The Shanghai Composite Index dipped 0.38 percent, or 9.98 points, to 2,588.71, the lowest close since August 12. Turnover totaled 89.8 billion yuan (US$ 13.4 billion), slightly lower than last Friday's 94.7 billion yuan.
"Investors were very cautious ahead of the three-day bourse break while at the same time expectations over tighter policies are rising," said Zhang Gang, an analyst at Central China Securities Co, referring to the Mid-Autumn Festival holiday, which starts tomorrow.
Property developers were weak as the People's Daily and Xinhua news agency repeatedly published articles which warned against speculation as home prices surge.
Gemdale Corp, China's fourth-largest real estate developer by market value, lost 3.1 percent to 5.92 yuan, and Poly Real Estate Co, the second-biggest, dropped 2 percent to 10.80 yuan.
Metal producers fell as their output was hit by energy-saving measures implemented by the authorities. Jiangxi Copper Co, the country's biggest producer of the metal, slid 3.6 percent to 30.73 yuan.
Airlines led gainers because the yuan appreciated 1 percent last week against the US dollar, which helped ease their US-denominated debt. China Eastern Airlines Co climbed 5.6 percent to 8.08 yuan, and Air China gained 2.9 percent to 12.40 yuan.
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