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Property plays pull market down
By Lydia Chen |
October 31, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI stocks snapped out of a 5-day gaining streak and fell in the morning session today with developers weighing on the market after Premier Wen Jiabao dispelled speculation that his government will ease property industry curbs.
The Shanghai Composite Index was down 0.53 percent to 2,460.41. Turnover fell to 47.5 billion yuan (US$7.48 billion) in early trading.
Real estate plays were one of the largest drags during morning trading. Shanghai-based developer Shanghai Duolun Industry Co suffered a loss of 3.55 percent to 9.25 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co shed 2.25 percent to 13.92 yuan.
The government would "firmly" maintain current curbs on real estate and local authorities should continue to strictly implement its tightening policies, Wen said in a statement following a State Council meeting.
He said last week that China would fine-tune its anti-inflation tightening in some targeted industries especially for small- and medium-sized firms. The comments soon inspired a rally in the stock market, which posted a more than 6 percent gain last week.
The Shanghai Composite Index was down 0.53 percent to 2,460.41. Turnover fell to 47.5 billion yuan (US$7.48 billion) in early trading.
Real estate plays were one of the largest drags during morning trading. Shanghai-based developer Shanghai Duolun Industry Co suffered a loss of 3.55 percent to 9.25 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co shed 2.25 percent to 13.92 yuan.
The government would "firmly" maintain current curbs on real estate and local authorities should continue to strictly implement its tightening policies, Wen said in a statement following a State Council meeting.
He said last week that China would fine-tune its anti-inflation tightening in some targeted industries especially for small- and medium-sized firms. The comments soon inspired a rally in the stock market, which posted a more than 6 percent gain last week.
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