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Index plunges to 8-month low
By Joyce Pan |
May 6, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI shares stumbled to a eight-month low today with weak performance by developers as fears mount that the government may grow more hawkish to curb the sizzling property market.
The benchmark Shanghai Composite Index, which tracks the bigger mainland bourse, lost 4.11 percent to 2,739.7 points. Turnover stood at 113.2 billion yuan (US$16.6 billion). Losers outnumbered gainers 825 to 62 while 6 remained unchanged.
The Shenzhen Component Index, which covers the smaller exchange, slumped 3.65 percent to finish at 1,088.31.
Poly Real Estate Group, China's biggest state-owned listed developer, tumbled 6.7 percent to 10.66 yuan. China Vanke Co, the country's largest listed developer by market value, lost 4.1 percent to 7.18 yuan.
"In the short term, developers will face strong selling pressure amid worries more tightening measures are in the pipeline," said Liu Yu, an Orient Securities Co trader.
Huaxia Bank Co, partly held by Deutsche Bank, plunged 10 percent to 11.45 yuan after saying it will raise up to 20.8 billion yuan in a private placement to shore up capital.
The benchmark Shanghai Composite Index, which tracks the bigger mainland bourse, lost 4.11 percent to 2,739.7 points. Turnover stood at 113.2 billion yuan (US$16.6 billion). Losers outnumbered gainers 825 to 62 while 6 remained unchanged.
The Shenzhen Component Index, which covers the smaller exchange, slumped 3.65 percent to finish at 1,088.31.
Poly Real Estate Group, China's biggest state-owned listed developer, tumbled 6.7 percent to 10.66 yuan. China Vanke Co, the country's largest listed developer by market value, lost 4.1 percent to 7.18 yuan.
"In the short term, developers will face strong selling pressure amid worries more tightening measures are in the pipeline," said Liu Yu, an Orient Securities Co trader.
Huaxia Bank Co, partly held by Deutsche Bank, plunged 10 percent to 11.45 yuan after saying it will raise up to 20.8 billion yuan in a private placement to shore up capital.
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