Key index starts 1st trading day bearishly
By Lu Nengneng |
January 31, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S stock market set a bearish tone on the first trading day in the Year of the Dragon as investors were concerned over the languid housing market and the limited monetary easing measures clouding China's economic prospects.
The Shanghai Composite Index fell 1.47 percent to 2,285.04 yesterday, wiping away part of the two-day gains before the Lunar New Year holiday last week.
Short-selling dominated the real estate sector after the sluggish home sales across major cities during the Lunar New Year holiday and new property loans in China falling by 770.4 billion yuan (US$122 billion) last year combined to damp investor sentiment.
Home transactions in Shanghai, Beijing, Guangzhou and Shenzhen recorded 109 units during the week-long holiday, 66 percent down from the same holiday period last year, according to a report from Centaline Property Agency.
Poly Real Estate, China's second-biggest listed developer, shed 4.66 percent to 10.43 yuan.
Decliners also include financial firms whose ability to cushion the falling housing prices was put in question given the tight liquidity supply. The central bank didn't cut the bank reserve requirement ratio as expected before the holiday.
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 2.06 percent to 4.27 yuan.
The Shanghai Composite Index fell 1.47 percent to 2,285.04 yesterday, wiping away part of the two-day gains before the Lunar New Year holiday last week.
Short-selling dominated the real estate sector after the sluggish home sales across major cities during the Lunar New Year holiday and new property loans in China falling by 770.4 billion yuan (US$122 billion) last year combined to damp investor sentiment.
Home transactions in Shanghai, Beijing, Guangzhou and Shenzhen recorded 109 units during the week-long holiday, 66 percent down from the same holiday period last year, according to a report from Centaline Property Agency.
Poly Real Estate, China's second-biggest listed developer, shed 4.66 percent to 10.43 yuan.
Decliners also include financial firms whose ability to cushion the falling housing prices was put in question given the tight liquidity supply. The central bank didn't cut the bank reserve requirement ratio as expected before the holiday.
The Industrial and Commercial Bank of China, the nation's biggest lender, shed 2.06 percent to 4.27 yuan.
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