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Shanghai shares decline amid uncertainty
By Ye Zhen |
March 26, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated for second day running as brokerages and large manufacturers declined. The benchmark Shanghai Composite Index lost 1.48 percent to 2,292.32 points. Turnover was 55 billion yuan (US$8.9 billion) by the noon break.
"Concerns that the central bank may gradually tighten its monetary policy dampened market sentiment and affected stock valuations," said Galaxy Securities in a report. "Growing uncertainty about the restart of initial public offerings also weighted on the market."
"There is also worry that tighter control of the housing sector will reduce local fiscal revenues and further depress investment in infrastructure construction," the broker added.
Brokerages declined after China Securities Depository and Clearing Corp Ltd allowed securities firms to help investors open accounts online. Analysts said the move will reduce brokers' operating costs but may intensify competition for commissions and further erode their profits.
CITIC Securities, the country's biggest listed brokerage, lost 2.5 percent to 12.67 yuan. Founder Securities Co sank 2.7 percent to 7.58 yuan. Haitong Securities Co slumped 4 percent to 10.79 yuan.
Shipbuilders and aircraft makers also fell. CSSC Jiangnan Heavy Industry Co shed 2 percent to 14.03 yuan. China CSSC Holdings Ltd lost 2.1 percent to 21.17 yuan. Jiangxi Hongdu Aviation Industry Co dropped 3.8 percent to 16.36 yuan.
Property developers were mixed after the Guangdong government released detailed rules on home purchase. Poly Real Estate, China's second largest developer, rose 1.2 percent to 12.06 yuan. Gemdale Corporation added 1.5 percent to 6.67 yuan. Shanghai Prosolar Resources Development Co declined 3.1 percent to 11.12 yuan.
"Concerns that the central bank may gradually tighten its monetary policy dampened market sentiment and affected stock valuations," said Galaxy Securities in a report. "Growing uncertainty about the restart of initial public offerings also weighted on the market."
"There is also worry that tighter control of the housing sector will reduce local fiscal revenues and further depress investment in infrastructure construction," the broker added.
Brokerages declined after China Securities Depository and Clearing Corp Ltd allowed securities firms to help investors open accounts online. Analysts said the move will reduce brokers' operating costs but may intensify competition for commissions and further erode their profits.
CITIC Securities, the country's biggest listed brokerage, lost 2.5 percent to 12.67 yuan. Founder Securities Co sank 2.7 percent to 7.58 yuan. Haitong Securities Co slumped 4 percent to 10.79 yuan.
Shipbuilders and aircraft makers also fell. CSSC Jiangnan Heavy Industry Co shed 2 percent to 14.03 yuan. China CSSC Holdings Ltd lost 2.1 percent to 21.17 yuan. Jiangxi Hongdu Aviation Industry Co dropped 3.8 percent to 16.36 yuan.
Property developers were mixed after the Guangdong government released detailed rules on home purchase. Poly Real Estate, China's second largest developer, rose 1.2 percent to 12.06 yuan. Gemdale Corporation added 1.5 percent to 6.67 yuan. Shanghai Prosolar Resources Development Co declined 3.1 percent to 11.12 yuan.
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