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Shanghai share plunge led by developers
By Ding Yining |
January 26, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell for the third straight day as property shares sank among concerns that tighter mortgage policies will cool off the real estate sector.
The benchmark Shanghai Composite Index dropped 2.05 percent, or 63.53 points, to close at 3,030.89 points. Turnover was 55.5 billion yuan(US$8.1 billion). Losers outnumbered gainers 833 to 55, and 26 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 0.71 percent to close at 1,153.69 points.
The Shanghai Securities News today cited an unnamed official as saying that the pace of lending growth slowed in the third week of January compared with the first two weeks in the month.
The newspaper also reported that Bank of China, Industrial and Commercial Bank of China and Bank of Communications have suspended issuing mortgage loans for second homes in Nanjing since last weekend in order to ensure a reasonable new loan growth.
Industrial Bank retreated 2.05 percent to 33.90 yuan. Shanghai Pudong Development Bank was down 0.39 percent at 20.38 yuan. China Construction Bank dropped 1.35 percent to 5.83 yuan.
China Vanke Co, the biggest listed domestic real estate developer, dropped 2.63 percent to 9.27 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd sank 5.21 percent to 23.09 yuan. Shanghai Shimao Co Ltd buckled 4.12 percent to 14.20 yuan. Poly Real Estate Group was down 4.42 percent to 19.05 yuan.
Brokerages were also flat. Haitong Securities lost 1.99 percent to 17.21 yuan. Citic Securities lowered 2.61 percent to 28.41 yuan. Everbright Securities was down 1.74 percent to 27.12 yuan.
Zijin Mining Co dropped 2.81 percent to 8.65 yuan. Shandong Gold Mining Co dipped 2.32 percent to 69.92 yuan. Yunnan Copper Co retreated 3.48 percent to 26.09 yuan.
The benchmark Shanghai Composite Index dropped 2.05 percent, or 63.53 points, to close at 3,030.89 points. Turnover was 55.5 billion yuan(US$8.1 billion). Losers outnumbered gainers 833 to 55, and 26 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dropped 0.71 percent to close at 1,153.69 points.
The Shanghai Securities News today cited an unnamed official as saying that the pace of lending growth slowed in the third week of January compared with the first two weeks in the month.
The newspaper also reported that Bank of China, Industrial and Commercial Bank of China and Bank of Communications have suspended issuing mortgage loans for second homes in Nanjing since last weekend in order to ensure a reasonable new loan growth.
Industrial Bank retreated 2.05 percent to 33.90 yuan. Shanghai Pudong Development Bank was down 0.39 percent at 20.38 yuan. China Construction Bank dropped 1.35 percent to 5.83 yuan.
China Vanke Co, the biggest listed domestic real estate developer, dropped 2.63 percent to 9.27 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd sank 5.21 percent to 23.09 yuan. Shanghai Shimao Co Ltd buckled 4.12 percent to 14.20 yuan. Poly Real Estate Group was down 4.42 percent to 19.05 yuan.
Brokerages were also flat. Haitong Securities lost 1.99 percent to 17.21 yuan. Citic Securities lowered 2.61 percent to 28.41 yuan. Everbright Securities was down 1.74 percent to 27.12 yuan.
Zijin Mining Co dropped 2.81 percent to 8.65 yuan. Shandong Gold Mining Co dipped 2.32 percent to 69.92 yuan. Yunnan Copper Co retreated 3.48 percent to 26.09 yuan.
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