Key index falls on 1st trading day of new year
By Pan Xiaoyi |
January 5, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended the first day of trading in the new year by falling slightly more than 1 percent yesterday, led by property developers after the city's government tightened mortgage rules which in turn fueled concerns that more government measures will be introduced to curb speculation.
The Shanghai Composite Index fell 1.02 percent, or 33.38 points, to end at 3,243.76. Turnover fell to 133.8 billion yuan (US$19.68 billion).
Shanghai has trimmed the ceiling for housing loans in its latest move to rein in possible bubbles amid soaring home prices. Shanghai had indicated that it would tighten rules on preferential loans and tax policies.
"Concerns over the government's stricter stance toward the property market has dampened sentiment," Chai Yongning, an analyst at S&E Brokerage Securities Co, said. "Investors also took profit after four-day winning streak" before 2009 ended.
Shanghai-based Shimao Co dropped 2.2 percent to 16.29 yuan, Poly Real Estate Group lost 2.2 percent to 21.9 yuan and Gemdale Corp shed 2.7 percent to 13.51 yuan.
Brokerages and banks also declined. Everbright Securities Co slid 3 percent to 24.76 yuan and Haitong Securities Co dropped 3.4 percent to 18.54 yuan while Shanghai Pudong Development Bank Co shed 2.3 percent to 21.19 yuan and China Merchants Bank Co fell 1.9 percent to 17.71 yuan.
Auto makers gained after the Ministry of Commerce raised the subsidy for owners who upgrade their polluting vehicles to a maximum of 18,000 yuan from 6,000 yuan previously. SAIC Motor Corp rose 3.2 percent to 26.96 yuan and Beiqi Foton Motor Co was up 2.9 percent to 19.6 yuan.
The Shanghai Composite Index fell 1.02 percent, or 33.38 points, to end at 3,243.76. Turnover fell to 133.8 billion yuan (US$19.68 billion).
Shanghai has trimmed the ceiling for housing loans in its latest move to rein in possible bubbles amid soaring home prices. Shanghai had indicated that it would tighten rules on preferential loans and tax policies.
"Concerns over the government's stricter stance toward the property market has dampened sentiment," Chai Yongning, an analyst at S&E Brokerage Securities Co, said. "Investors also took profit after four-day winning streak" before 2009 ended.
Shanghai-based Shimao Co dropped 2.2 percent to 16.29 yuan, Poly Real Estate Group lost 2.2 percent to 21.9 yuan and Gemdale Corp shed 2.7 percent to 13.51 yuan.
Brokerages and banks also declined. Everbright Securities Co slid 3 percent to 24.76 yuan and Haitong Securities Co dropped 3.4 percent to 18.54 yuan while Shanghai Pudong Development Bank Co shed 2.3 percent to 21.19 yuan and China Merchants Bank Co fell 1.9 percent to 17.71 yuan.
Auto makers gained after the Ministry of Commerce raised the subsidy for owners who upgrade their polluting vehicles to a maximum of 18,000 yuan from 6,000 yuan previously. SAIC Motor Corp rose 3.2 percent to 26.96 yuan and Beiqi Foton Motor Co was up 2.9 percent to 19.6 yuan.
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