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Shanghai market in correction after 3 days of big gains
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SHANGHAI stocks retreated today after gaining for three days amid optimism over China’s new reform package, but homebuilders were hit by Guangzhou’s new property curb.
The benchmark Shanghai Composite Index shed 0.19 percent to 2,193.13 points. Daily turnover was 115.9 billion yuan (US$19 billion).
“The market needs to take a breath for consolidation after a strong rebound,” said Shenyin & Wanguo Securities. “But the rebound is expected to continue in the near term,” it added.
Analysts are generally optimistic about the market outlook as expectations are running high over China’s bold reform measures targeting economic, social, legal and cultural issues.
Brokerages slumped after a big surge yesterday on news that China will introduce a registration-based IPO system. Haitong Securities lost 2 percent to 11.47 yuan. China Merchants Securities Co fell 2.4 percent to 10.99 yuan. Industrial Securities slipped 2.4 percent to 9.46 yuan.
Most property developers declined after Guangzhou raised the down-payment for second-home buyers to 70 percent, following Shenzhen and Shanghai to rein in soaring home prices.
Data from the National Bureau of Statistics showed new home prices in Guangzhou jumped 20.7 percent year on year in October.
Poly Real Estate, China’s second-largest developer, lost 0.9 percent to 9.28 yuan. Shanghai Industrial Development Co shed 1.8 percent to 8.85 yuan.
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