Resources firms gain but loss for developers
By Pan Xiaoyi |
April 7, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stocks remained flat yesterday, as gains in commodity producers were overshadowed by property developers' losses on speculation that tighter measures will be unveiled to curb house prices.
The benchmark Shanghai Composite Index was up 0.02 percent, or 0.72 point, to close at 3,158.68. Turnover stood at 144 billion yuan (US$21.2 billion).
Real estate developers led the decline on concern there did not seem to be any easing of asset bubbles in the housing market despite a string of measures to crack down speculation, which raised fears more forceful measures were in the pipeline.
"The stock market needs some time to digest expectations that further measures may be needed to rein in soaring housing prices," Haitong Securities Co wrote.
Poly Real Estate Group plunged 3.6 percent to 20.67 yuan and Gemdale Corp lost 3.3 percent to 14.04 yuan. Beijing Capital Development Co slumped 3.1 percent to 21.24 yuan and China Enterprise Co slid 2.6 percent to 14.07 yuan.
Raw material producers gained on higher prices. Yanzhou Coal Mining Co advanced 4.1 percent to 22.87 yuan and China Coal Energy Co added 1.1 percent to 12.10 yuan. China Shenhua Energy Co jumped 1.1 percent to finish at 29.86 yuan.
The benchmark Shanghai Composite Index was up 0.02 percent, or 0.72 point, to close at 3,158.68. Turnover stood at 144 billion yuan (US$21.2 billion).
Real estate developers led the decline on concern there did not seem to be any easing of asset bubbles in the housing market despite a string of measures to crack down speculation, which raised fears more forceful measures were in the pipeline.
"The stock market needs some time to digest expectations that further measures may be needed to rein in soaring housing prices," Haitong Securities Co wrote.
Poly Real Estate Group plunged 3.6 percent to 20.67 yuan and Gemdale Corp lost 3.3 percent to 14.04 yuan. Beijing Capital Development Co slumped 3.1 percent to 21.24 yuan and China Enterprise Co slid 2.6 percent to 14.07 yuan.
Raw material producers gained on higher prices. Yanzhou Coal Mining Co advanced 4.1 percent to 22.87 yuan and China Coal Energy Co added 1.1 percent to 12.10 yuan. China Shenhua Energy Co jumped 1.1 percent to finish at 29.86 yuan.
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