Index falls, losing 2.1% for week
By Hu Xiaocen |
May 19, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market fell to a one-month low yesterday, extending losses for the second consecutive week, as more cities reported decline in house prices in April, adding to worries of a deepening economic slowdown.
The Shanghai Composite Index slumped 1.44 percent to 2,344.52 points, its lowest level since April 17. The index registered a 2.1 percent weekly loss.
House prices fell year on year in April in 46 of the 70 cities monitored by the National Bureau of Statistics, up from 38 cities in March. Home prices in Shanghai dropped 1.3 percent in value from a year earlier, according to data released by the bureau.
Property developers retreated on grim outlook for the market amid continued government curbs. Poly Real Estate Group Co, China's second-biggest listed developer, lost 1.2 percent to 12.73 yuan (US$2.01). Shanghai Xinmei Real Estate Co plunged 7.5 percent to 6.57 yuan. Shanghai New Huang Pu Real Estate Co tumbled 3.9 percent to 9.40 yuan.
"The market weakened on worsened economic data in April, and diminishing policy benefits," said Cheng Yimin, a commentator at China Business News. "Investors are worried slowing economic growth will hurt corporate profits. Machinery producers' gross margin declined to 7 percent in the current quarter from 17 percent from a year earlier."
Construction-equipment maker Sany Heavy Industry fell 2.5 percent to 13.68 yuan. Taiyuan Heavy Industry Co lost 2.9 percent to 5.71 yuan.
The Shanghai Composite Index slumped 1.44 percent to 2,344.52 points, its lowest level since April 17. The index registered a 2.1 percent weekly loss.
House prices fell year on year in April in 46 of the 70 cities monitored by the National Bureau of Statistics, up from 38 cities in March. Home prices in Shanghai dropped 1.3 percent in value from a year earlier, according to data released by the bureau.
Property developers retreated on grim outlook for the market amid continued government curbs. Poly Real Estate Group Co, China's second-biggest listed developer, lost 1.2 percent to 12.73 yuan (US$2.01). Shanghai Xinmei Real Estate Co plunged 7.5 percent to 6.57 yuan. Shanghai New Huang Pu Real Estate Co tumbled 3.9 percent to 9.40 yuan.
"The market weakened on worsened economic data in April, and diminishing policy benefits," said Cheng Yimin, a commentator at China Business News. "Investors are worried slowing economic growth will hurt corporate profits. Machinery producers' gross margin declined to 7 percent in the current quarter from 17 percent from a year earlier."
Construction-equipment maker Sany Heavy Industry fell 2.5 percent to 13.68 yuan. Taiyuan Heavy Industry Co lost 2.9 percent to 5.71 yuan.
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