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Index falls as developers worry about land policy
By Feng Jianmin |
August 20, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped the most in 10 days following a weak US market and central government's pledge to regulate idle lands by October.
The benchmark Shanghai Composite Index fell 1.7 percent, or 45.67 points, to close at 2,642.31 points. Turnover shrank to 119.8 billion yuan (US$ 17.6 billion) from yesterday's 133.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 2.1 percent lower at 1,117.33 points.
Property developers were weak. China Vanke fell 1.03 percent to 8.65 yuan. Gemdale Corp lost 1.75 percent to 6.72 yuan. Poly Real Estate Co dropped 2.87 percent to 12.50 yuan.
Metal and coal producers slumped from yesterday's rally. China Shenhua Energy Co, the nation's largest coal producer lost 3.42 percent to 24.83 yuan. Datong Coal Industry Co retreated 2.56 percent to 16.78 yuan. Jiangxi Copper Co fell 4.3 percent to 28.85 yuan. Aluminum Corp of China went down 3.17 percent to 10.39 yuan.
Banks outperformed the market after the Central Huijin Investment said to issue debts totaling 187.5 billion yuan to support banks' fundraising activities. Bank of Communications added 0.16 percent to 6.29 yuan. China Merchants Bank dipped 0.7 percent to 14.09 yuan. Industrial and Commercial Bank of China fell 0.48 percent to 4.16 yuan.
The benchmark Shanghai Composite Index fell 1.7 percent, or 45.67 points, to close at 2,642.31 points. Turnover shrank to 119.8 billion yuan (US$ 17.6 billion) from yesterday's 133.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 2.1 percent lower at 1,117.33 points.
Property developers were weak. China Vanke fell 1.03 percent to 8.65 yuan. Gemdale Corp lost 1.75 percent to 6.72 yuan. Poly Real Estate Co dropped 2.87 percent to 12.50 yuan.
Metal and coal producers slumped from yesterday's rally. China Shenhua Energy Co, the nation's largest coal producer lost 3.42 percent to 24.83 yuan. Datong Coal Industry Co retreated 2.56 percent to 16.78 yuan. Jiangxi Copper Co fell 4.3 percent to 28.85 yuan. Aluminum Corp of China went down 3.17 percent to 10.39 yuan.
Banks outperformed the market after the Central Huijin Investment said to issue debts totaling 187.5 billion yuan to support banks' fundraising activities. Bank of Communications added 0.16 percent to 6.29 yuan. China Merchants Bank dipped 0.7 percent to 14.09 yuan. Industrial and Commercial Bank of China fell 0.48 percent to 4.16 yuan.
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