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Shanghai index dips 0.3% over infusion of shares
By Ye Zhen |
November 19, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks inched down in the morning session as more non-tradable shares are to be unlocked this week.
The key Shanghai Composite Index lost 0.3 percent to 2,008.54 points. Turnover stood at 14.9 billion yuan (US$2.4 billion) by midday.
Some 2.9 billion non-tradable shares of 13 companies listed in the Shanghai and Shenzhen markets will be allowed to circulate this week. They are valued at 23.2 billion yuan, 86 percent more than the amount traded last week.
Dongxing Securities said China's stock markets may repeat the bear run at the end of last year due to several negative factors such as the unlocking of non-tradable shares that may lead to an oversupply of shares.
Distilleries led the market down after the 21st Century Business Herald said that products of Jiugui Liquor Co contained an excessive amount of plasticizing agent that may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.9 percent to 218 yuan. Sichuan Tuopai Shede Wine Co slumped 8.1 percent to 24.41 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 2.3 percent to 36.82 yuan.
Property developers fell on speculation the government may tighten property restrictions after data showed that home prices in October rose in more cities in China. Poly Real Estate, China's second largest developer, slipped 2.1 percent to 10.93 yuan. Gemdale Corporation shed 1.4 percent to 5.04 yuan.
The key Shanghai Composite Index lost 0.3 percent to 2,008.54 points. Turnover stood at 14.9 billion yuan (US$2.4 billion) by midday.
Some 2.9 billion non-tradable shares of 13 companies listed in the Shanghai and Shenzhen markets will be allowed to circulate this week. They are valued at 23.2 billion yuan, 86 percent more than the amount traded last week.
Dongxing Securities said China's stock markets may repeat the bear run at the end of last year due to several negative factors such as the unlocking of non-tradable shares that may lead to an oversupply of shares.
Distilleries led the market down after the 21st Century Business Herald said that products of Jiugui Liquor Co contained an excessive amount of plasticizing agent that may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.9 percent to 218 yuan. Sichuan Tuopai Shede Wine Co slumped 8.1 percent to 24.41 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 2.3 percent to 36.82 yuan.
Property developers fell on speculation the government may tighten property restrictions after data showed that home prices in October rose in more cities in China. Poly Real Estate, China's second largest developer, slipped 2.1 percent to 10.93 yuan. Gemdale Corporation shed 1.4 percent to 5.04 yuan.
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