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Market loses 5% - biggest hit in 8 months
By Ding Yining |
April 19, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S market experienced its biggest daily loss in nearly 8 months today to close at below 3,000 points, with property shares plummeting after the state council announced stricter rules for mortgages, bringing concern of tighter liquidity and a possible shift in macroeconomic policies.
The benchmark Shanghai Composite Index slumped 4.79 percent, or 150 points, to close at 2,980.30 points. Turnover was 156.4 billion yuan (US$22.9 billion). A total of 842 shares dropped while 33 gained and 47 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 4.42 percent to close at 1,175.34 points.
The State Council said on Saturday that banks can reject mortgage to lenders that have two or more houses and restrict lending to buyers that can't provide tax certificates or proof of social security contributions.
Poly Real Estate Group tumbled 5.36 percent to 17.65 yuan. China Vanke Co, the nation's largest listed real estate developer, sank 4.76 percent to 8.61 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 4.36 percent to close at 21.92 yuan.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 4.90 percent to 4.66 yuan. Bank of Communications sank 6.36 percent to 7.65 yuan. China Merchants Bank Co retreated 6.37 percent to 14.69 yuan. Shanghai Pudong Development Bank slumped 6.80 percent to 20.56 yuan.
Metal producers were also weak. Aluminum Corporation of China Ltd sank 5.90 percent to 12.28 yuan. Jiangxi Copper retreated 5.51 percent to 34.84 yuan. Yunnan Copper lowered 6.65 percent to 26.97 yuan.
Pharmaceutical companies were among the gainers. Jiangzhong Pharmaceutical Co jumped 5.05 percent to 32.25 yuan. Shandong Dong-E Ejiao Co added 1.18 percent to 31.76 yuan.
The benchmark Shanghai Composite Index slumped 4.79 percent, or 150 points, to close at 2,980.30 points. Turnover was 156.4 billion yuan (US$22.9 billion). A total of 842 shares dropped while 33 gained and 47 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 4.42 percent to close at 1,175.34 points.
The State Council said on Saturday that banks can reject mortgage to lenders that have two or more houses and restrict lending to buyers that can't provide tax certificates or proof of social security contributions.
Poly Real Estate Group tumbled 5.36 percent to 17.65 yuan. China Vanke Co, the nation's largest listed real estate developer, sank 4.76 percent to 8.61 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 4.36 percent to close at 21.92 yuan.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 4.90 percent to 4.66 yuan. Bank of Communications sank 6.36 percent to 7.65 yuan. China Merchants Bank Co retreated 6.37 percent to 14.69 yuan. Shanghai Pudong Development Bank slumped 6.80 percent to 20.56 yuan.
Metal producers were also weak. Aluminum Corporation of China Ltd sank 5.90 percent to 12.28 yuan. Jiangxi Copper retreated 5.51 percent to 34.84 yuan. Yunnan Copper lowered 6.65 percent to 26.97 yuan.
Pharmaceutical companies were among the gainers. Jiangzhong Pharmaceutical Co jumped 5.05 percent to 32.25 yuan. Shandong Dong-E Ejiao Co added 1.18 percent to 31.76 yuan.
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