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Shanghai index up despite weaker banks and developers
By Lydia Chen |
January 27, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose this morning, despite weaker performance in developers and lenders, which tumbled over China's tightened property policies.
The Shanghai Composite Index jumped 1.08 percent to 2,738.14. Turnover nearly doubled to 63.45 billion yuan (US$9.65 billion) this morning from yesterday morning's 33.02 billion yuan.
Mining industry and machinery manufacturing chips paced the gains. Yunnan Tin Co hiked 7.44 percent to 32.05 yuan. XCMG Construction Machinery Co added 4.12 percent to 49.75 yuan.
Developers and banks tumbled this morning after China announced late yesterday that buyers of second homes in China will have to put down 60 percent of the price, up from the current 50 percent in the country's latest bid to curb property speculation.
China Vanke, the biggest developer, shed 3.88 percent to 8.18 yuan. RiseSun Real Estate Development Co dived 6.12 percent to 12.11 yuan. Bank of China dipped 0.62 percent to 3.22 yuan. Industrial Bank Co declined 1.2 percent to 26.40 yuan.
China's central bank says new loans for the property sector jumped again last year to make up almost a quarter of all new bank loans despite government efforts to cool the market.
The Shanghai Composite Index jumped 1.08 percent to 2,738.14. Turnover nearly doubled to 63.45 billion yuan (US$9.65 billion) this morning from yesterday morning's 33.02 billion yuan.
Mining industry and machinery manufacturing chips paced the gains. Yunnan Tin Co hiked 7.44 percent to 32.05 yuan. XCMG Construction Machinery Co added 4.12 percent to 49.75 yuan.
Developers and banks tumbled this morning after China announced late yesterday that buyers of second homes in China will have to put down 60 percent of the price, up from the current 50 percent in the country's latest bid to curb property speculation.
China Vanke, the biggest developer, shed 3.88 percent to 8.18 yuan. RiseSun Real Estate Development Co dived 6.12 percent to 12.11 yuan. Bank of China dipped 0.62 percent to 3.22 yuan. Industrial Bank Co declined 1.2 percent to 26.40 yuan.
China's central bank says new loans for the property sector jumped again last year to make up almost a quarter of all new bank loans despite government efforts to cool the market.
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