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Shanghai Composite falls 2.86%, led by developers
By Ye Zhen |
March 4, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks retreated the most in seven days as property developers slumped over the central government's new measures to rein in housing prices.
The key Shanghai Composite Index dropped 2.86 percent, or 67.37 points to 2,292.14 points. Turnover was 85.7 billion yuan (US$13.8 billion) by midday.
China will levy a 20 percent income tax on capital gains by second-home sellers, the State Council said in a statement on Friday. It will also raise minimum down payments and mortgage rates for second home purchases in cities with a rebound in home prices.
Poly Real Estate, China's second-largest developer, tumbled by the daily limit of 10 percent to 11.37 yuan. Gemdale Corporation also slid 10 percent to 6.42 yuan.
Cement producers also lost on concerns that demand for cement will dwindle. Anhui Conch Cement Co, China's biggest cement producer, fell 9.5 percent to 17.99 yuan. Gansu Qilianshan Cement Group Co plunged 9.3 percent to 10.28 yuan. Shaanxi Qinling Cement(Group) Co shrank 7.8 percent to 6.35 yuan.
Market sentiment also declined on the latest data from the National Statistics Bureau that showed China's services sector grew at the slowest pace in five months in February, fueling concerns about the recovery of the world's second-largest economy.
Financial stocks also fell. Shanghai Pudong Development Bank lost 6 percent to 10.50 yuan. China Life Insurance, the country's biggest insurer, dropped 5.8 percent to 17.30 yuan. CITIC Securities, China's biggest listed brokerage, decreased 5.4 percent to 13.97 yuan.
The key Shanghai Composite Index dropped 2.86 percent, or 67.37 points to 2,292.14 points. Turnover was 85.7 billion yuan (US$13.8 billion) by midday.
China will levy a 20 percent income tax on capital gains by second-home sellers, the State Council said in a statement on Friday. It will also raise minimum down payments and mortgage rates for second home purchases in cities with a rebound in home prices.
Poly Real Estate, China's second-largest developer, tumbled by the daily limit of 10 percent to 11.37 yuan. Gemdale Corporation also slid 10 percent to 6.42 yuan.
Cement producers also lost on concerns that demand for cement will dwindle. Anhui Conch Cement Co, China's biggest cement producer, fell 9.5 percent to 17.99 yuan. Gansu Qilianshan Cement Group Co plunged 9.3 percent to 10.28 yuan. Shaanxi Qinling Cement(Group) Co shrank 7.8 percent to 6.35 yuan.
Market sentiment also declined on the latest data from the National Statistics Bureau that showed China's services sector grew at the slowest pace in five months in February, fueling concerns about the recovery of the world's second-largest economy.
Financial stocks also fell. Shanghai Pudong Development Bank lost 6 percent to 10.50 yuan. China Life Insurance, the country's biggest insurer, dropped 5.8 percent to 17.30 yuan. CITIC Securities, China's biggest listed brokerage, decreased 5.4 percent to 13.97 yuan.
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