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Property sell-off plunges index to 3-month low
By Ding Yining |
January 26, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S market fell to a three-month low today as property shares sank among concern that possible tighter mortgage policies will hurt economic recovery and cool off the real estate sector.
The benchmark Shanghai Composite Index retreated 2.42 percent, or 75.02 points, to close at 3,019.39 points. Turnover was 109.3 billion yuan (US$16 billion). Losers outnumbered gainers 837 to 55, and 22 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, fell 3.14 percent to close at 1,112.41 points.
Shanghai Securities News cited an unnamed official today saying that the pace of lending growth slowed in the third week of January compared with the first two weeks.
In a separate report, it said Bank of China, Industrial and Commercial Bank of China and Bank of Communications have suspended loans for second homes in Nanjing since last weekend to ensure reasonable new loan growth.
Industrial Bank fell 2.25 percent to 33.83 yuan. China Construction Bank dropped 1.18 percent to 5.84 yuan. China Merchant Bank was down 0.86 percent to 16.09 yuan.
China Vanke Co, the biggest listed domestic real estate developer, dropped 3.15 percent to 9.22 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd sank 6.36 percent to 22.81 yuan. Shanghai Shimao Co Ltd dropped 4.66 percent to 14.12 yuan. Poly Real Estate Group was down 4.82 percent to 18.97 yuan.
Brokerages were also flat. Citic Securities fell 2.43 percent to 28.46 yuan. Changjiang Securities dropped 3.10 percent to 17.82 yuan. Guoyuan Securities lowered 2.44 percent to 19.22 yuan.
Commodity shares also dragged down the index. Zijin Mining Co dropped 3.26 percent to 8.61 yuan. Shandong Gold Mining Co lowered 2.84 percent to 69.55 yuan. Yunnan Copper Co retreated 3.14 percent to 26.18 yuan. Zhongjin Gold Co sank 3.85 percent to 50.63 yuan.
The benchmark Shanghai Composite Index retreated 2.42 percent, or 75.02 points, to close at 3,019.39 points. Turnover was 109.3 billion yuan (US$16 billion). Losers outnumbered gainers 837 to 55, and 22 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, fell 3.14 percent to close at 1,112.41 points.
Shanghai Securities News cited an unnamed official today saying that the pace of lending growth slowed in the third week of January compared with the first two weeks.
In a separate report, it said Bank of China, Industrial and Commercial Bank of China and Bank of Communications have suspended loans for second homes in Nanjing since last weekend to ensure reasonable new loan growth.
Industrial Bank fell 2.25 percent to 33.83 yuan. China Construction Bank dropped 1.18 percent to 5.84 yuan. China Merchant Bank was down 0.86 percent to 16.09 yuan.
China Vanke Co, the biggest listed domestic real estate developer, dropped 3.15 percent to 9.22 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd sank 6.36 percent to 22.81 yuan. Shanghai Shimao Co Ltd dropped 4.66 percent to 14.12 yuan. Poly Real Estate Group was down 4.82 percent to 18.97 yuan.
Brokerages were also flat. Citic Securities fell 2.43 percent to 28.46 yuan. Changjiang Securities dropped 3.10 percent to 17.82 yuan. Guoyuan Securities lowered 2.44 percent to 19.22 yuan.
Commodity shares also dragged down the index. Zijin Mining Co dropped 3.26 percent to 8.61 yuan. Shandong Gold Mining Co lowered 2.84 percent to 69.55 yuan. Yunnan Copper Co retreated 3.14 percent to 26.18 yuan. Zhongjin Gold Co sank 3.85 percent to 50.63 yuan.
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