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Profit-taking drags down Shanghai Composite
By Ye Zhen |
December 19, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks declined from a four-month high this morning due to a bout of profit-taking after three days of gains and a liquidity crunch at the year-end.
The benchmark Shanghai Composite Index shed 0.18 percent to 2,158.65 points. Turnover stood at 48 billion yuan (US$7.7 billion) by midday.
The market is undergoing downward correction after it rose for several days running, said Zhang Gang, an analyst with Southwest Securities.
Liquidity pressure also weighed on the market, analysts said.
Non-tradable shares worth of 78.6 billion yuan will be unlocked this week, marking the biggest weekly infusion this year and further draining liquidity at the year-end, said Cinda Securities said in a report.
Building materials led the losers after surging on the government's urbanization plan. Anhui Conch Cement Co, the country's biggest cement producer, dropped 3.1 percent to 18.07 yuan. Ningxia Building Materials Group Co lost 3.1 percent to 8.72 yuan.
Property developers suffered a setback after the Ministry of Land and Resources said it will stick to home purchase restrictions to stabilize land prices.
Poly Real Estate decreased 1.5 percent to 11.96 yuan. Gemdale Corporation fell 1.2 percent to 5.83 yuan.
The benchmark Shanghai Composite Index shed 0.18 percent to 2,158.65 points. Turnover stood at 48 billion yuan (US$7.7 billion) by midday.
The market is undergoing downward correction after it rose for several days running, said Zhang Gang, an analyst with Southwest Securities.
Liquidity pressure also weighed on the market, analysts said.
Non-tradable shares worth of 78.6 billion yuan will be unlocked this week, marking the biggest weekly infusion this year and further draining liquidity at the year-end, said Cinda Securities said in a report.
Building materials led the losers after surging on the government's urbanization plan. Anhui Conch Cement Co, the country's biggest cement producer, dropped 3.1 percent to 18.07 yuan. Ningxia Building Materials Group Co lost 3.1 percent to 8.72 yuan.
Property developers suffered a setback after the Ministry of Land and Resources said it will stick to home purchase restrictions to stabilize land prices.
Poly Real Estate decreased 1.5 percent to 11.96 yuan. Gemdale Corporation fell 1.2 percent to 5.83 yuan.
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