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Market loses steam in morning trading
By Lydia Chen |
February 18, 2011, Friday
|
Online Edition
Online Edition
INVESTORS' profit-taking actions ended a six-day rally in Shanghai market this morning, with agriculture shares leading the market downwards amid building-up concerns that a raise of required reserve ratio among banks could be around corner.
The Shanghai Composite Index lost 0.89 percent to 2,900.91. Turnover eroded to 78.53 billion yuan (US$11.93 billion) from yesterday morning's 102.9 billion yuan.
Agriculture shares were one of the biggest losing sectors this morning, offsetting previous rallies on strength of industry supports from the government.
Hunan Jinjian Cereals Industry paced the decreases among its peers. It tumbled 4.58 percent to 8.96 yuan. Gansu Dunhuang Seed Co lost 3.98 percent to 33.51 yuan.
Developers, however, outperformed the market this morning, shrugging off pressure over a latest data release that shows new home prices in most major Chinese cities continued to rise from a year earlier in January despite government's pledge to cool asset bubbles.
Poly Real Estate Group Co edged up 0.31 percent to 13.01 yuan. Shanghai Shimao Co gained 0.56 percent to 12.55 yuan.
Among all the 70 cities monitored by the government, 68 cities saw new home prices jumping from a year earlier, smashing many ordinary people's hopes that purchasing a home could be affordable amid government's property curbs.
New home prices in Beijing climbed 6.8 percent in January from last year, while Shanghai climbed 1.5 percent, the statistics bureau said on its Website today. The bureau started a new method of calculating prices. Haikou crowned among all the cities with a gain of 21.6 percent.
The Shanghai Composite Index lost 0.89 percent to 2,900.91. Turnover eroded to 78.53 billion yuan (US$11.93 billion) from yesterday morning's 102.9 billion yuan.
Agriculture shares were one of the biggest losing sectors this morning, offsetting previous rallies on strength of industry supports from the government.
Hunan Jinjian Cereals Industry paced the decreases among its peers. It tumbled 4.58 percent to 8.96 yuan. Gansu Dunhuang Seed Co lost 3.98 percent to 33.51 yuan.
Developers, however, outperformed the market this morning, shrugging off pressure over a latest data release that shows new home prices in most major Chinese cities continued to rise from a year earlier in January despite government's pledge to cool asset bubbles.
Poly Real Estate Group Co edged up 0.31 percent to 13.01 yuan. Shanghai Shimao Co gained 0.56 percent to 12.55 yuan.
Among all the 70 cities monitored by the government, 68 cities saw new home prices jumping from a year earlier, smashing many ordinary people's hopes that purchasing a home could be affordable amid government's property curbs.
New home prices in Beijing climbed 6.8 percent in January from last year, while Shanghai climbed 1.5 percent, the statistics bureau said on its Website today. The bureau started a new method of calculating prices. Haikou crowned among all the cities with a gain of 21.6 percent.
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