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Property shares drag down commodity gains
By Joyce Pan |
April 6, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market remained flat today, as gains by commodity producers were overshadowed by property developers on speculation about tighter controls in curbing house prices.
The benchmark Shanghai Composite Index was up 0.02 percent, or 0.72 points, to close at 3,158.68 points. Turnover stood at 144 billion yuan (US$21.2 billion). Gainers outnumbered losers 471 to 394, and 21 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.23 percent to close at 1,237.43 points.
Real estate developers led the decliners. The asset bubbles in the housing market don't seem to ease despite a string of measures to crack down on speculation, raising concerns that more forceful measures are in store.
Poly Real Estate Group plunged 3.6 percent to 20.67 yuan. Gemdale Corp decreased 23.3 percent to 14.04 yuan. Beijing Capital Development Co slumped 3.1 percent to 21.24 yuan. China Enterprise Co slid 2.6 percent to 14.07 yuan.
Bucking the downward trend, commodity producers gained on higher prices. Yanzhou Coal Mining Co advanced 4.1 percent to 22.87 yuan. China Coal Energy Co added 1.1 percent to 12.1 yuan. China Shenhua Energy Co jumped 1.1 percent 2o 29.86 yuan.
Jiangxi Copper Co rose 1.3 percent to 38.06 yuan and Yunnan Chihong Zinc & Germanium Co increased 0.4 percent to 23.39 yuan.
The benchmark Shanghai Composite Index was up 0.02 percent, or 0.72 points, to close at 3,158.68 points. Turnover stood at 144 billion yuan (US$21.2 billion). Gainers outnumbered losers 471 to 394, and 21 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.23 percent to close at 1,237.43 points.
Real estate developers led the decliners. The asset bubbles in the housing market don't seem to ease despite a string of measures to crack down on speculation, raising concerns that more forceful measures are in store.
Poly Real Estate Group plunged 3.6 percent to 20.67 yuan. Gemdale Corp decreased 23.3 percent to 14.04 yuan. Beijing Capital Development Co slumped 3.1 percent to 21.24 yuan. China Enterprise Co slid 2.6 percent to 14.07 yuan.
Bucking the downward trend, commodity producers gained on higher prices. Yanzhou Coal Mining Co advanced 4.1 percent to 22.87 yuan. China Coal Energy Co added 1.1 percent to 12.1 yuan. China Shenhua Energy Co jumped 1.1 percent 2o 29.86 yuan.
Jiangxi Copper Co rose 1.3 percent to 38.06 yuan and Yunnan Chihong Zinc & Germanium Co increased 0.4 percent to 23.39 yuan.
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