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Shanghai index falls 1.11%, the most in 4 weeks
By Ye Zhen |
May 14, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in more than four weeks amid concerns over weak economic recovery and new moves to cool the housing sector.
The key Shanghai Composite Index lost 1.11 percent, the biggest daily loss since April 23, to 2,217.01 points. Turnover was 75.7 billion yuan (US$12.2 billion) at the trading close.
"China's economic recovery remains fragile as indicated by economic data for the past four months, which reduces room for stock market growth," Xiangcai Securities said today.
"The timing for the government to introduce stimulus measures to bolster economic growth has yet come as the government showed more tolerance for economic slowdown," the broker added.
JPMorgan Chase & Co lowered its forecast for China's economic growth from 8 percent to 7.8 percent for the second quarter and from 7.8 percent to 7.6 percent for the whole year.
Property developers tumbled after the 21st Century Business Herald said the Beijing government will tighten control on pre-sales of new homes, citing an unnamed source close to the Beijing Housing and Urban-Rural Development Commission.
Poly Real Estate, China's second-largest developer, skid 3 percent to 11.59 yuan. Gemdale Corporation fell 3.3 percent to 7.04 yuan.
The key Shanghai Composite Index lost 1.11 percent, the biggest daily loss since April 23, to 2,217.01 points. Turnover was 75.7 billion yuan (US$12.2 billion) at the trading close.
"China's economic recovery remains fragile as indicated by economic data for the past four months, which reduces room for stock market growth," Xiangcai Securities said today.
"The timing for the government to introduce stimulus measures to bolster economic growth has yet come as the government showed more tolerance for economic slowdown," the broker added.
JPMorgan Chase & Co lowered its forecast for China's economic growth from 8 percent to 7.8 percent for the second quarter and from 7.8 percent to 7.6 percent for the whole year.
Property developers tumbled after the 21st Century Business Herald said the Beijing government will tighten control on pre-sales of new homes, citing an unnamed source close to the Beijing Housing and Urban-Rural Development Commission.
Poly Real Estate, China's second-largest developer, skid 3 percent to 11.59 yuan. Gemdale Corporation fell 3.3 percent to 7.04 yuan.
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