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Property developers lead decline on tightening concern
By Feng Jianmin |
August 18, 2011, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index dropped the most in two weeks amid concerns about more tightening measures on liquidity and the property market.
The benchmark Shanghai Composite Index fell 1.61 percent to 2,559.47 points. Turnover rose to 76.9 billion yuan (US$12 billion) from yesterday's 72.7 billion yuan.
China's central bank resumed issuing 1 billion yuan worth of three-year bills after a four-week suspension. Analysts regard it as a sign of potential new measures to control liquidity, such as further raising interest rates or reserve requirement ratio.
Meanwhile, Morgan Stanley reduced its global-growth forecast, citing an "insufficient" response to Europe's sovereign debt crisis, weakened confidence and the prospect of fiscal tightening. The bank also cut its growth forecast for emerging markets to 6.4 percent this year from 6.6 percent and to 6.1 percent in 2012 from 6.7 percent.
Property developers sagged on concerns about more tightening measures after 14 of 70 major cities in China reported a drop in home prices last month from June, compared with 12 in a June survey, but prices in only one city were lower from July 2010, China's top statistic bureau said. China Vanke lost 1 percent to 8.14 yuan. Poly Real Estate Co dropped 4percent to 10.90 yuan.
Airlines led the decliners after crude oil prices rose 1.1 percent in New York to US$87.58 per barrel yesterday. Air China shed 3.2 percent to 9.20 yuan. China Eastern Airlines dropped 3 percent to 5.52 yuan.
The benchmark Shanghai Composite Index fell 1.61 percent to 2,559.47 points. Turnover rose to 76.9 billion yuan (US$12 billion) from yesterday's 72.7 billion yuan.
China's central bank resumed issuing 1 billion yuan worth of three-year bills after a four-week suspension. Analysts regard it as a sign of potential new measures to control liquidity, such as further raising interest rates or reserve requirement ratio.
Meanwhile, Morgan Stanley reduced its global-growth forecast, citing an "insufficient" response to Europe's sovereign debt crisis, weakened confidence and the prospect of fiscal tightening. The bank also cut its growth forecast for emerging markets to 6.4 percent this year from 6.6 percent and to 6.1 percent in 2012 from 6.7 percent.
Property developers sagged on concerns about more tightening measures after 14 of 70 major cities in China reported a drop in home prices last month from June, compared with 12 in a June survey, but prices in only one city were lower from July 2010, China's top statistic bureau said. China Vanke lost 1 percent to 8.14 yuan. Poly Real Estate Co dropped 4percent to 10.90 yuan.
Airlines led the decliners after crude oil prices rose 1.1 percent in New York to US$87.58 per barrel yesterday. Air China shed 3.2 percent to 9.20 yuan. China Eastern Airlines dropped 3 percent to 5.52 yuan.
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