Investor fears pull index down
By Staff Reporters |
August 26, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index tumbled the most in two weeks as investors became worried that global economic growth would slow after home sales in the United States in July dropped to record low in 15 years.
The Shanghai Composite Index sank 2.03 percent, or 53.73 points, to close at 2,596.58, the biggest decline since August 10. Turnover stood at 108.2 billion yuan (US$15.9 billion), slightly higher than Tuesday's 106.3 billion yuan.
"The index will find it hard to climb above 2,700 in the near future because of uncertainty of how macroeconomic policies will shift in the second half, but the overall market will remain relatively stable," Guodu Securities analyst Zhang Xiang said.
Property developers led the index lower after Xu Lin, head of treasury and financial department of the National Development and Reform Commission, said on Monday that China would quicken property tax reform.
Poly Real Estate Group Co, China's second-largest developer by market value, retreated 3.6 percent to 12.14 yuan. Gemdale Corp, the fourth-largest, lost 3.39 percent to 6.56 yuan.
Coal producers fell after Datong Coal Industry Co reported a 13.06 percent annual decline in its first-half net profit. Its shares lost 3 percent to 16.19 yuan.
China Shenhua Energy Co, the nation's largest coal producer, fell 2.9 percent to close at 23.79 yuan.
The Shanghai Composite Index sank 2.03 percent, or 53.73 points, to close at 2,596.58, the biggest decline since August 10. Turnover stood at 108.2 billion yuan (US$15.9 billion), slightly higher than Tuesday's 106.3 billion yuan.
"The index will find it hard to climb above 2,700 in the near future because of uncertainty of how macroeconomic policies will shift in the second half, but the overall market will remain relatively stable," Guodu Securities analyst Zhang Xiang said.
Property developers led the index lower after Xu Lin, head of treasury and financial department of the National Development and Reform Commission, said on Monday that China would quicken property tax reform.
Poly Real Estate Group Co, China's second-largest developer by market value, retreated 3.6 percent to 12.14 yuan. Gemdale Corp, the fourth-largest, lost 3.39 percent to 6.56 yuan.
Coal producers fell after Datong Coal Industry Co reported a 13.06 percent annual decline in its first-half net profit. Its shares lost 3 percent to 16.19 yuan.
China Shenhua Energy Co, the nation's largest coal producer, fell 2.9 percent to close at 23.79 yuan.
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