Key index declines the most in 4 weeks
By Ye Zhen |
May 15, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell the most in four weeks on concerns over China's weak economic rebound and fears the country plans to curb the housing sector more tightly.
The Shanghai Composite Index lost 1.11 percent, the biggest daily loss since April 23, to close at 2,217.01 points.
"China's economic recovery remains fragile as indicated by the economic data for the past four months, which will limit room for the stock market to rise," Xiangcai Securities said in a report yesterday.
Property developers tumbled after the 21st Century Business Herald reported the Beijing government will tighten controls on pre-sales of houses, citing an unnamed source close to the Beijing Municipal Commission of Housing and Urban-Rural Development.
Poly Real Estate, China's second-largest developer, shed 3 percent to 11.59 yuan (US$1.89). Gemdale Corp lost 3.3 percent to 7.04 yuan.
Lenders declined after the People's Bank of China yesterday withdrew a total of 79 billion yuan via several repurchase agreements.
China Construction Bank lost 1.2 percent to finish at 4.76 yuan and China Minsheng Banking Corp declined 1.7 percent to finish at 10.11 yuan.
The Shanghai Composite Index lost 1.11 percent, the biggest daily loss since April 23, to close at 2,217.01 points.
"China's economic recovery remains fragile as indicated by the economic data for the past four months, which will limit room for the stock market to rise," Xiangcai Securities said in a report yesterday.
Property developers tumbled after the 21st Century Business Herald reported the Beijing government will tighten controls on pre-sales of houses, citing an unnamed source close to the Beijing Municipal Commission of Housing and Urban-Rural Development.
Poly Real Estate, China's second-largest developer, shed 3 percent to 11.59 yuan (US$1.89). Gemdale Corp lost 3.3 percent to 7.04 yuan.
Lenders declined after the People's Bank of China yesterday withdrew a total of 79 billion yuan via several repurchase agreements.
China Construction Bank lost 1.2 percent to finish at 4.76 yuan and China Minsheng Banking Corp declined 1.7 percent to finish at 10.11 yuan.
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