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Pressure of correction dents index
By Feng Jianmin |
February 19, 2013, Tuesday
|
Print Edition
Print Edition
Shanghai stocks dropped yesterday on the first trading day after a week-long Spring Festival break, with developers and consumer goods producers falling due to weak holiday sales.
The Shanghai Composite Index lost 0.45 percent to 2,421.56 points.
"Our technical analysis showed the market is under pressure for a correction," said Zhang Teng, an analyst at Western Securities Co. "The index may fall in the short term, but financing indicators in January showed China's economy is picking up and liquidity is improving."
The index has risen 24 percent from a three-year low on December 3 on signs economic growth is accelerating.
Property developers fell after home sales in the first two weeks of February dropped 62 percent from January, according to CEBM data. Shanghai's new home sales also dived 79 percent last week from the previous week, Shanghai Uwin Real Estate Information Services said yesterday.
Poly Real Estate fell 1.2 percent to 12.87 yuan (US$2.07). Gemdale Corp shed 5.2 percent to 7.52 yuan.
Distillers also fell after the Ministry of Commerce said sales at shops and restaurants rose 14.7 percent in the holiday week ended last Friday, the slowest pace in four years.
Kweichow Moutai slumped 4.3 percent to 179.69 yuan. Sichuan Swellfun Co lost 3.3 percent to close at 16.96 yuan.
The Shanghai Composite Index lost 0.45 percent to 2,421.56 points.
"Our technical analysis showed the market is under pressure for a correction," said Zhang Teng, an analyst at Western Securities Co. "The index may fall in the short term, but financing indicators in January showed China's economy is picking up and liquidity is improving."
The index has risen 24 percent from a three-year low on December 3 on signs economic growth is accelerating.
Property developers fell after home sales in the first two weeks of February dropped 62 percent from January, according to CEBM data. Shanghai's new home sales also dived 79 percent last week from the previous week, Shanghai Uwin Real Estate Information Services said yesterday.
Poly Real Estate fell 1.2 percent to 12.87 yuan (US$2.07). Gemdale Corp shed 5.2 percent to 7.52 yuan.
Distillers also fell after the Ministry of Commerce said sales at shops and restaurants rose 14.7 percent in the holiday week ended last Friday, the slowest pace in four years.
Kweichow Moutai slumped 4.3 percent to 179.69 yuan. Sichuan Swellfun Co lost 3.3 percent to close at 16.96 yuan.
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