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Shanghai index down as shareholders cut holdings
By Ye Zhen |
December 21, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in six days today as non-tradable shareholders reduced their holdings.
The benchmark Shanghai Composite Index slumped 0.69 percent, the biggest loss since December 13, to 2,153.31 points. Turnover was 84.6 billion yuan (US$13.6 billion) at the trading close. The index added 0.12 percent this week, advancing for a third consecutive week.
Non-tradable shares worth of 3.8 billion yuan were sold so far this month after they were allowed to circulate in the Shanghai and Shenzhen stock markets, up 21.4 percent from a month earlier, the 21st Century Business Herald reported today.
Bohai Securities said today that the unloading of non-tradable shares remains a main hurdle for the market, especially for shares of small and medium-sized capitalization. "The rush to cut holdings of non-tradable shares will directly weigh on share prices and cause panic among investors," the broker said.
Brokerages were among the biggest losers as 21st Century Business Herald reported that 236 million shares of ten listing brokers have been liquidized by their holders in the fourth quarter. CITIC Securities, China's biggest listed brokerage, lost 1.4 percent to 11.87 yuan. Soochow Securities Co dropped 2.6 percent to 7.48 yuan. China Merchants Securities Co declined 2.4 percent to 9.95 yuan.
Property developers also declined after the China Securities Journal said the government may introduce new housing curbs as home prices rebounded. Poly Real Estate, China's second largest developer, lost 1.5 percent to 12.12 yuan. Gemdale Corporation slipped 0.7 percent to 6 yuan.
The benchmark Shanghai Composite Index slumped 0.69 percent, the biggest loss since December 13, to 2,153.31 points. Turnover was 84.6 billion yuan (US$13.6 billion) at the trading close. The index added 0.12 percent this week, advancing for a third consecutive week.
Non-tradable shares worth of 3.8 billion yuan were sold so far this month after they were allowed to circulate in the Shanghai and Shenzhen stock markets, up 21.4 percent from a month earlier, the 21st Century Business Herald reported today.
Bohai Securities said today that the unloading of non-tradable shares remains a main hurdle for the market, especially for shares of small and medium-sized capitalization. "The rush to cut holdings of non-tradable shares will directly weigh on share prices and cause panic among investors," the broker said.
Brokerages were among the biggest losers as 21st Century Business Herald reported that 236 million shares of ten listing brokers have been liquidized by their holders in the fourth quarter. CITIC Securities, China's biggest listed brokerage, lost 1.4 percent to 11.87 yuan. Soochow Securities Co dropped 2.6 percent to 7.48 yuan. China Merchants Securities Co declined 2.4 percent to 9.95 yuan.
Property developers also declined after the China Securities Journal said the government may introduce new housing curbs as home prices rebounded. Poly Real Estate, China's second largest developer, lost 1.5 percent to 12.12 yuan. Gemdale Corporation slipped 0.7 percent to 6 yuan.
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