Key index declines 1st time in 3 days
By Ding Yining and Richard Fu |
November 27, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell for the first time in three days, dragged down by financial firms and property developers, amid liquidity concerns.
The benchmark Shanghai Composite Index fell 0.92 percent to 2,871.7. Turnover shrank to 143.6 billion yuan (US$21.8 billion) from Thursday's 167.2 billion yuan.
The barometer lost 0.58 percent for the week, its third straight weekly loss.
Financial shares were weak on lingering concerns over tightening policies to be unveiled by the central government.
"Investors are cautious about possible upcoming monetary policies, and they're also waiting for the central economic work meeting which will set the macro-economic policy for next year," Changjiang Securities wrote in a note. "The market will not perform very strongly in coming weeks."
The Industrial and Commercial Bank of China, the country's biggest lender fell 1.59 percent to 4.32 yuan. The Bank of Communications Co lost 1.56 percent to 5.67 yuan.
Property shares also declined after Zhuang Xinyi, vice chairman of the China Securities Regulatory Commission, yesterday said the regulator has stopped approving merger and acquisition deals of domestic property developers. He added they also have to meet stricter standards for refinancing plans.
Poly Real Estate Group, the nation's second-biggest listed property developer, shed 3.11 percent to 12.47 yuan, and Shimao Group fell 3.08 percent to end at 13.20 yuan.
The benchmark Shanghai Composite Index fell 0.92 percent to 2,871.7. Turnover shrank to 143.6 billion yuan (US$21.8 billion) from Thursday's 167.2 billion yuan.
The barometer lost 0.58 percent for the week, its third straight weekly loss.
Financial shares were weak on lingering concerns over tightening policies to be unveiled by the central government.
"Investors are cautious about possible upcoming monetary policies, and they're also waiting for the central economic work meeting which will set the macro-economic policy for next year," Changjiang Securities wrote in a note. "The market will not perform very strongly in coming weeks."
The Industrial and Commercial Bank of China, the country's biggest lender fell 1.59 percent to 4.32 yuan. The Bank of Communications Co lost 1.56 percent to 5.67 yuan.
Property shares also declined after Zhuang Xinyi, vice chairman of the China Securities Regulatory Commission, yesterday said the regulator has stopped approving merger and acquisition deals of domestic property developers. He added they also have to meet stricter standards for refinancing plans.
Poly Real Estate Group, the nation's second-biggest listed property developer, shed 3.11 percent to 12.47 yuan, and Shimao Group fell 3.08 percent to end at 13.20 yuan.
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