Key index snaps eight-day win
By Lu Nengneng |
March 1, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market ended lower yesterday, snapping an eight-day winning streak, after the city reiterated its hardline stance on housing curbs and ahead of the release of a February manufacturing index.
The Shanghai Composite Index lost 0.95 percent to close at 2,428.49 - its biggest drop since February 7.
The buoyant investor sentiment that drove the previous six-week rally was weakened by the city government's reiteration on Tuesday that it will maintain its stringent home purchase curbs to cool speculation in the housing market. The curbs, which include barring non-local residents from buying second homes in Shanghai, spooked investors who were anticipating the measures to ease slightly.
Property developers fell. Poly Real Estate Group Co, China's second-largest listed developer, lost 3.3 percent to 11.10 yuan (US$1.73). Gemdale Group tumbled 3.17 percent to 5.8 yuan.
Investors were also wary of today's the release of February's Purchasing Managers' Index, a key gauge of industrial activities, because its flash estimate reading was 49.7, down from 50.5 in January. The reading was also below 50 that is viewed as an decline.
China Shenhua Energy, the nation's largest coal producer, slumped 1.2 percent to close at 27.59 yuan.
The Shanghai Composite Index lost 0.95 percent to close at 2,428.49 - its biggest drop since February 7.
The buoyant investor sentiment that drove the previous six-week rally was weakened by the city government's reiteration on Tuesday that it will maintain its stringent home purchase curbs to cool speculation in the housing market. The curbs, which include barring non-local residents from buying second homes in Shanghai, spooked investors who were anticipating the measures to ease slightly.
Property developers fell. Poly Real Estate Group Co, China's second-largest listed developer, lost 3.3 percent to 11.10 yuan (US$1.73). Gemdale Group tumbled 3.17 percent to 5.8 yuan.
Investors were also wary of today's the release of February's Purchasing Managers' Index, a key gauge of industrial activities, because its flash estimate reading was 49.7, down from 50.5 in January. The reading was also below 50 that is viewed as an decline.
China Shenhua Energy, the nation's largest coal producer, slumped 1.2 percent to close at 27.59 yuan.
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