No stimulus, rise in home prices dent index
Print Edition
SHANGHAI stocks fell yesterday as hopes for an economic stimulus ebbed. Property firms fell after fewer cities in China saw home prices rise in March.
The Shanghai Composite Index shed 0.05 percent to 2,097.75. For the week, the index lost 1.54 percent, the biggest weekly decline in five weeks.
Banking and property blue chips lost momentum as investors were cautious and disappointed when hopes for a strong economic stimulus such as a reserve requirement ratio cut were diminished, Huaxi Securities said in a note yesterday.
Property developers fell after data from the National Bureau of Statistics revealed that home prices in 56 of 70 major Chinese cities rose last month, down from 57 in February.
China Fortune Land Co dropped 3.5 percent to 27.89 yuan (US$4.48). Gree Real Estate Co lost 2.4 percent to 9.18 yuan.
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