Sentiment weakens as property moves stay
By Lu Nengneng |
December 6, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell to a six-week low, as investor sentiment weakened after the central government reiterated its determination to maintain its hard-line measures to curb speculation in the housing market.
The Shanghai Composite Index slid 1.2 percent to end at 2,333.23 points, the lowest since October 21.
The Ministry of Housing and Urban-Rural Development last Saturday pledged to extend the curbs on the number of homes each person can buy. The ministry's reiteration of the measures dashed investor speculation that the central government may ease the controls which are set to expire in 12 of the 48 cities within months.
Real estate developers led the drop. Xi'An Gree Real Estate Co tumbled 5.6 percent to 5.39 yuan (85 US cents). Jiangxi Zhongjiang Real Estate Co fell 3.9 percent to 6.75 yuan.
"There may be some fine-tuning of the housing policies in the foreseeable future, but the change won't be in the direction," Zhou Lu, analyst at the Bank of China International, said in a note.
Building material producers and home appliance makers also tumbled as weakening home purchases may damp demand for their products.
Anhui Conch, the country's biggest cement maker, dropped 2.4 percent to 16.45 yuan. Qingdao Haier, the biggest domestic electrical appliance maker, shed 1.3 percent to 8.55 yuan.
Banks soared after the cut in the reserve requirement ratio took effect yesterday. China Construction Bank jumped 1.7 percent to finish at 4.83 yuan.
The Shanghai Composite Index slid 1.2 percent to end at 2,333.23 points, the lowest since October 21.
The Ministry of Housing and Urban-Rural Development last Saturday pledged to extend the curbs on the number of homes each person can buy. The ministry's reiteration of the measures dashed investor speculation that the central government may ease the controls which are set to expire in 12 of the 48 cities within months.
Real estate developers led the drop. Xi'An Gree Real Estate Co tumbled 5.6 percent to 5.39 yuan (85 US cents). Jiangxi Zhongjiang Real Estate Co fell 3.9 percent to 6.75 yuan.
"There may be some fine-tuning of the housing policies in the foreseeable future, but the change won't be in the direction," Zhou Lu, analyst at the Bank of China International, said in a note.
Building material producers and home appliance makers also tumbled as weakening home purchases may damp demand for their products.
Anhui Conch, the country's biggest cement maker, dropped 2.4 percent to 16.45 yuan. Qingdao Haier, the biggest domestic electrical appliance maker, shed 1.3 percent to 8.55 yuan.
Banks soared after the cut in the reserve requirement ratio took effect yesterday. China Construction Bank jumped 1.7 percent to finish at 4.83 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
