Index falls 1.25% on property restrictions
By Hu Xiaocen |
March 27, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks fell again for a second consecutive day over concerns that continued property restrictions will suppress the market rebound.
The Shanghai Composite Index fell 1.25 percent -- --the most in a week - to 2,297.67 points yesterday.
''The media reports on banks preparing to tighten mortgage lending practices are likely to weigh on sentiment and put downward pressure on equities,'' Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong, said in an e-mailed research note yesterday.
Lenders tumbled 2.6 percent on average after the China Securities Journal said on its website yesterday that banks have started to control loans for property development this month in response to the new round of property curbs by the government. The China Banking Regulatory Commission is drafting guidelines on property loans including development loans and mortgages, the newspaper reported, citing unnamed sources close to the regulator.
The Agricultural Bank of China, the nation's third-biggest lender, shed 1.4 percent to 2.86 yuan. The Bank of Communications, the fifth-biggest lender, lost 2 percent to 4.8 yuan.
The Shanghai Composite Index fell 1.25 percent -- --the most in a week - to 2,297.67 points yesterday.
''The media reports on banks preparing to tighten mortgage lending practices are likely to weigh on sentiment and put downward pressure on equities,'' Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong, said in an e-mailed research note yesterday.
Lenders tumbled 2.6 percent on average after the China Securities Journal said on its website yesterday that banks have started to control loans for property development this month in response to the new round of property curbs by the government. The China Banking Regulatory Commission is drafting guidelines on property loans including development loans and mortgages, the newspaper reported, citing unnamed sources close to the regulator.
The Agricultural Bank of China, the nation's third-biggest lender, shed 1.4 percent to 2.86 yuan. The Bank of Communications, the fifth-biggest lender, lost 2 percent to 4.8 yuan.
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