Index sees worst week in nearly 21 months
By Ye Zhen |
February 23, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell for the fourth day in a week, ensuring the key index suffered its biggest weekly loss in nearly 21 months, as profit-taking and mounting uncertainties over monetary policies hit the market.
The Shanghai Composite Index shed 0.51 percent to close at 2,314.16 points. The index lost 4.9 percent this week, the deepest weekly loss since May 27, 2011.
"The market is under pressure from profit-taking as it approaches 2,500 points in a rebound since December," CITIC Securities said in a report yesterday.
"Uncertainties over monetary policies at home and abroad also weighed on the market after China's central bank resumed the repurchase operation to withdraw liquidity and minutes of a US Federal Reserve meeting showed US policymakers debating the risks of their bond-buying stimulus policy," the brokerage said.
Data from the National Statistics Bureau showed that home prices rose in 53 of the 70 cities monitored by the bureau in January, the third straight month that home prices have increased in more than 70 percent of the cities, adding to concern about more tightening measures in the housing sector.
Property developers were mixed yesterday. Gemdale Corp lost 2 percent to 6.92 yuan (US$1.11). Poly Real Estate, China's second-biggest listed developer, climbed 0.8 percent to 12.40 yuan.
The Shanghai Composite Index shed 0.51 percent to close at 2,314.16 points. The index lost 4.9 percent this week, the deepest weekly loss since May 27, 2011.
"The market is under pressure from profit-taking as it approaches 2,500 points in a rebound since December," CITIC Securities said in a report yesterday.
"Uncertainties over monetary policies at home and abroad also weighed on the market after China's central bank resumed the repurchase operation to withdraw liquidity and minutes of a US Federal Reserve meeting showed US policymakers debating the risks of their bond-buying stimulus policy," the brokerage said.
Data from the National Statistics Bureau showed that home prices rose in 53 of the 70 cities monitored by the bureau in January, the third straight month that home prices have increased in more than 70 percent of the cities, adding to concern about more tightening measures in the housing sector.
Property developers were mixed yesterday. Gemdale Corp lost 2 percent to 6.92 yuan (US$1.11). Poly Real Estate, China's second-biggest listed developer, climbed 0.8 percent to 12.40 yuan.
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