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Inflation fears depress Shanghai index
By Winny Wang and Feng Jianmin |
April 23, 2010, Friday
|
Online Edition
Online Edition
STOCKS on the Chinese mainland dipped again today on growing inflationary pressure and the country's control of speculative home investment.
The benchmark Shanghai Composite Index dipped 0.53 percent to 2,983.54 points today. Turnover stood at 138 billion yuan (US$20.2 billion). Losers outnumbered gainers by 598 to 322, and 184 shares remained unchanged.
The index lost 4.7 percent this week after the State Council required higher down-payments and increased rates for second homes and suspended banks from financing purchases of third homes.
The Shenzhen Composite Index, which tracks the smaller market, lost 0.74 percent to 1,204.44 points.
Chinese Academy of Social Sciences raised growth expectation for this year's gross domestic product from 9.1 percent to 9.9 percent, and estimated that consumer price index will increase 3.5 percent, 1.4 percentage points higher from previous estimates, according to its report on Thursday.
Property shares were mixed on tightened policy and better earning prospects.
Gemdale Co, the country's fourth-largest developer by market value, climbed 3.09 percent to 11.68 yuan after it reported a 20-fold surge of profit in the first quarter compared with last year. Huayuan Property Co fell 4.09 percent to 8.21 yuan.
China State Construction Engineering Co gained 1 percent to 4.06 yuan after winning a contract worth 10 billion yuan with Xi'an government on the development of the city's new town. Shanghai Pudong Road and Bridge Construction Co lost 6.71 percent to 13.91 yuan.
Energy stocks gained after the energy bureau under the National Development and Reform Commission said consumption of electricity, coal and fuel increased in the first quarter. The sector will continue to pick up despite tightened liquidity, rising import prices and inflation, said the bureau.
Shanghai Datun Energy Resourses Co soared by the 10 percent daily limit to close at 22.94 yuan after announcing an 87.1 percent growth of profit to 291 million yuan in the first quarter of 2010 from a year earlier.
The benchmark Shanghai Composite Index dipped 0.53 percent to 2,983.54 points today. Turnover stood at 138 billion yuan (US$20.2 billion). Losers outnumbered gainers by 598 to 322, and 184 shares remained unchanged.
The index lost 4.7 percent this week after the State Council required higher down-payments and increased rates for second homes and suspended banks from financing purchases of third homes.
The Shenzhen Composite Index, which tracks the smaller market, lost 0.74 percent to 1,204.44 points.
Chinese Academy of Social Sciences raised growth expectation for this year's gross domestic product from 9.1 percent to 9.9 percent, and estimated that consumer price index will increase 3.5 percent, 1.4 percentage points higher from previous estimates, according to its report on Thursday.
Property shares were mixed on tightened policy and better earning prospects.
Gemdale Co, the country's fourth-largest developer by market value, climbed 3.09 percent to 11.68 yuan after it reported a 20-fold surge of profit in the first quarter compared with last year. Huayuan Property Co fell 4.09 percent to 8.21 yuan.
China State Construction Engineering Co gained 1 percent to 4.06 yuan after winning a contract worth 10 billion yuan with Xi'an government on the development of the city's new town. Shanghai Pudong Road and Bridge Construction Co lost 6.71 percent to 13.91 yuan.
Energy stocks gained after the energy bureau under the National Development and Reform Commission said consumption of electricity, coal and fuel increased in the first quarter. The sector will continue to pick up despite tightened liquidity, rising import prices and inflation, said the bureau.
Shanghai Datun Energy Resourses Co soared by the 10 percent daily limit to close at 22.94 yuan after announcing an 87.1 percent growth of profit to 291 million yuan in the first quarter of 2010 from a year earlier.
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