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Market drops nearly 1.5% on poor housing data, euro crisis
By Ye Zhen |
May 18, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks tumbled today as China's housing market continued to cool in last month, further weighing on investor sentiment that has been hurt by euro woes.
The benchmark Shanghai Composite Index lost 1.44 percent, or 34.37 points, to 2,344.52. Turnover stood at 79 billion yuan (US$12.54 billion) at the trading close.
Fitch ratings agency cut Greece's long-term credit ratings to CCC from B- yesterday, heightening speculation that political deadlock in Athens may force the debt-laden nation to leave the single currency union.
Excluding government-funded affordable housing, China's home prices in April fell from a month earlier in 43 of 70 cities, while prices in 24 cities remained unchanged, the National Bureau of Statistics said today, adding signs to the slowdown in world's second-largest economy.
Property developers lost 2.3 percent on average as the Ministry of Housing and Urban-Rural Development said yesterday that the central government will unswervingly continue to curb the growth of home prices.
Vanke China, the nation's largest developer, fell 1.2 percent to 8.58 yuan. Poly Real Estate Group Co, the second-biggest developer, dropped 1.2 percent to end at 12.73 yuan.
Petroleum providers sank after oil fell for a sixth day in New York. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, slumped 1.6 percent to finish at 6.92 yuan, while PetroChina Co, the second biggest player, shed 1 percent to 9.51 yuan.
Lenders continued a weak run as non-performing loans in commercial banks climbed for a second consecutive quarter. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 1.8 percent to 4.25 yuan. China Merchants Bank Co dropped 2 percent to 11.56 yuan, while Agricultural Bank of China fell 1.9 percent to 2.65 yuan.
The benchmark Shanghai Composite Index lost 1.44 percent, or 34.37 points, to 2,344.52. Turnover stood at 79 billion yuan (US$12.54 billion) at the trading close.
Fitch ratings agency cut Greece's long-term credit ratings to CCC from B- yesterday, heightening speculation that political deadlock in Athens may force the debt-laden nation to leave the single currency union.
Excluding government-funded affordable housing, China's home prices in April fell from a month earlier in 43 of 70 cities, while prices in 24 cities remained unchanged, the National Bureau of Statistics said today, adding signs to the slowdown in world's second-largest economy.
Property developers lost 2.3 percent on average as the Ministry of Housing and Urban-Rural Development said yesterday that the central government will unswervingly continue to curb the growth of home prices.
Vanke China, the nation's largest developer, fell 1.2 percent to 8.58 yuan. Poly Real Estate Group Co, the second-biggest developer, dropped 1.2 percent to end at 12.73 yuan.
Petroleum providers sank after oil fell for a sixth day in New York. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, slumped 1.6 percent to finish at 6.92 yuan, while PetroChina Co, the second biggest player, shed 1 percent to 9.51 yuan.
Lenders continued a weak run as non-performing loans in commercial banks climbed for a second consecutive quarter. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 1.8 percent to 4.25 yuan. China Merchants Bank Co dropped 2 percent to 11.56 yuan, while Agricultural Bank of China fell 1.9 percent to 2.65 yuan.
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