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Property tightening weighs on Shanghai stocks
By Ye Zhen |
August 24, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning as investors felt unease about new government tightening of the residential property market and poor earnings of listed companies.
The key Shanghai Composite Index fell 0.72 percent or 15.26 points to 2,097.81 points. Turnover was 27.6 billion yuan (US$4.4 billion) at midday.
The government is closely monitoring changes in the real estate market and will work with concerned departments to find measures to strengthen control of the property market, Xinhua News Agency reported, citing an official at the Ministry of Housing and Urban-Rural Development.
Property developers slumped. Shanghai Prosolar Resources Development Co dropped 5.5 percent to 13.35 yuan. Poly Real Estate, the second largest developer, shed 0.2 percent to 9.39 yuan. Gemdale Corporation lost 1.4 percent to 4.96 yuan.
Poor company earnings continued to weigh on the market sentiment. Data from Stated-Owned Assets Supervision and Administration Commission showed the combined net profit of stated-owned companies plunged 16.1 percent from a year earlier to 459.4 billion yuan in the first seven months.
PetroChina Co, China's biggest oil and gas producer, edged down 0.1 percent to 8.87 yuan after reporting a 6 percent drop in first-half net profit from a year earlier. China Petroleum and Chemical Co lost 0.7 percent to 6.03 yuan.
Coal producers were the most bearish in morning trading. China Shenhua Energy Co, the nation's biggest coal producer, declined 1.2 percent to 22.03 yuan. Shanxi Lanhua Sci-Tech Venture Co fell 2.9 percent to 18.62 yuan. Shanxi Coal International Energy Group Co dived 7.1 percent to 19.78 yuan.
The key Shanghai Composite Index fell 0.72 percent or 15.26 points to 2,097.81 points. Turnover was 27.6 billion yuan (US$4.4 billion) at midday.
The government is closely monitoring changes in the real estate market and will work with concerned departments to find measures to strengthen control of the property market, Xinhua News Agency reported, citing an official at the Ministry of Housing and Urban-Rural Development.
Property developers slumped. Shanghai Prosolar Resources Development Co dropped 5.5 percent to 13.35 yuan. Poly Real Estate, the second largest developer, shed 0.2 percent to 9.39 yuan. Gemdale Corporation lost 1.4 percent to 4.96 yuan.
Poor company earnings continued to weigh on the market sentiment. Data from Stated-Owned Assets Supervision and Administration Commission showed the combined net profit of stated-owned companies plunged 16.1 percent from a year earlier to 459.4 billion yuan in the first seven months.
PetroChina Co, China's biggest oil and gas producer, edged down 0.1 percent to 8.87 yuan after reporting a 6 percent drop in first-half net profit from a year earlier. China Petroleum and Chemical Co lost 0.7 percent to 6.03 yuan.
Coal producers were the most bearish in morning trading. China Shenhua Energy Co, the nation's biggest coal producer, declined 1.2 percent to 22.03 yuan. Shanxi Lanhua Sci-Tech Venture Co fell 2.9 percent to 18.62 yuan. Shanxi Coal International Energy Group Co dived 7.1 percent to 19.78 yuan.
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