Key index trims five-day winning streak
By Lydia Chen |
November 1, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks snapped a five-day winning streak and fell yesterday, with real estate developers being one of the biggest decliners after Premier Wen Jiabao dispelled speculation that the central government will ease property curbs.
The Shanghai Composite Index shed 0.2 percent to end at 2,468.25 points, narrowing the index's biggest monthly gain in a year - 4.6 percent.
Real estate developers and banks took the brunt of the declines. Shanghai-based developer Shanghai Duolun Industry Co fell 2.8 percent to 9.32 yuan (US$1.47) and Shanghai Lujiazui Finance and Trade Zone Development Co shed 1.7 percent to 14 yuan.
Huaxia Bank dropped 3.1 percent to 11.10 yuan.
The government would "firmly" maintain current curbs on real estate and local authorities should continue to strictly implement the tightening policies, Wen said in a statement after a State Council meeting over the weekend.
He said last week that China would fine-tune its anti-inflation tightening stance in some targeted industries, especially for small and medium-sized firms. His remark sparked a rally in the stock market, which gained more than 6 percent last week.
The government this year raised down-payment requirements and mortgage rates on some types of home buying and imposed purchase curbs in about 40 cities. The central bank has also raised interest rates three times and the bank reserve requirement ratio six times this year to tame inflation and curb bubbles in the housing market.
China International Capital Corp said in a note yesterday that investor concerns of companies posting lower profits may cast a dark cloud over the market in the long run.
The Shanghai Composite Index shed 0.2 percent to end at 2,468.25 points, narrowing the index's biggest monthly gain in a year - 4.6 percent.
Real estate developers and banks took the brunt of the declines. Shanghai-based developer Shanghai Duolun Industry Co fell 2.8 percent to 9.32 yuan (US$1.47) and Shanghai Lujiazui Finance and Trade Zone Development Co shed 1.7 percent to 14 yuan.
Huaxia Bank dropped 3.1 percent to 11.10 yuan.
The government would "firmly" maintain current curbs on real estate and local authorities should continue to strictly implement the tightening policies, Wen said in a statement after a State Council meeting over the weekend.
He said last week that China would fine-tune its anti-inflation tightening stance in some targeted industries, especially for small and medium-sized firms. His remark sparked a rally in the stock market, which gained more than 6 percent last week.
The government this year raised down-payment requirements and mortgage rates on some types of home buying and imposed purchase curbs in about 40 cities. The central bank has also raised interest rates three times and the bank reserve requirement ratio six times this year to tame inflation and curb bubbles in the housing market.
China International Capital Corp said in a note yesterday that investor concerns of companies posting lower profits may cast a dark cloud over the market in the long run.
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