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Shanghai shares dip on tightened mortgage rules
By Ding Yining |
April 19, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market sank more than 2 percent in the morning session after the State Council announced stricter rules for house mortgage, bringing concerns of a tighter liquidity and a possible shift of macroeconomic policies.
The benchmark Shanghai Composite Index dropped 2.65 percent, or 82.95 points, to close at 3,047.36 points. Turnover was 75.3 billion yuan(US$11 billion). Losers outnumbered gainers by 728 to 132, and 62 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.99 percent to close at 1,205.28 points.
The State Council said on Saturday that banks can reject mortgage to borrowers that have two or more houses and they should restrict lending to buyers that can't provide tax certificates or proof of social security contributions.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 2.86 percent to 4.76 yuan. Bank of Communications dropped 3.18 percent to 7.91 yuan. China Merchants Bank Co retreated 4.97 percent to 14.91 yuan. Shanghai Pudong Development Bank sank 5.30 percent to 20.89 yuan.
Property shares extended previous losses. Poly Real Estate Group tumbled 5.36 percent to 17.65 yuan. China Vanke Co, the nation's largest listed real estate developer, sank 4.76 percent to 8.61 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 4.36 percent to 21.92 yuan.
Metal producers were also weak. Aluminum Corporation of China Ltd lost 4.29 percent to 12.49 yuan. Zhongjin Gold Mining Co dropped 1.65 percent to 55.55 yuan. Jiangxi Copper retreated 3.66 percent to 35.52 yuan.
Pharmaceutical companies were among the gainers. Jiangzhong Pharmaceutical Co added 2.93 percent to 31.60 yuan. Holley Pharmaceuticals advanced 2.67 percent to 8.84 yuan. Shandong Dong-E Ejiao Co jumped 3.44 percent to 32.47 yuan.
The benchmark Shanghai Composite Index dropped 2.65 percent, or 82.95 points, to close at 3,047.36 points. Turnover was 75.3 billion yuan(US$11 billion). Losers outnumbered gainers by 728 to 132, and 62 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.99 percent to close at 1,205.28 points.
The State Council said on Saturday that banks can reject mortgage to borrowers that have two or more houses and they should restrict lending to buyers that can't provide tax certificates or proof of social security contributions.
Industrial & Commercial Bank of China, the nation's biggest lender, lost 2.86 percent to 4.76 yuan. Bank of Communications dropped 3.18 percent to 7.91 yuan. China Merchants Bank Co retreated 4.97 percent to 14.91 yuan. Shanghai Pudong Development Bank sank 5.30 percent to 20.89 yuan.
Property shares extended previous losses. Poly Real Estate Group tumbled 5.36 percent to 17.65 yuan. China Vanke Co, the nation's largest listed real estate developer, sank 4.76 percent to 8.61 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 4.36 percent to 21.92 yuan.
Metal producers were also weak. Aluminum Corporation of China Ltd lost 4.29 percent to 12.49 yuan. Zhongjin Gold Mining Co dropped 1.65 percent to 55.55 yuan. Jiangxi Copper retreated 3.66 percent to 35.52 yuan.
Pharmaceutical companies were among the gainers. Jiangzhong Pharmaceutical Co added 2.93 percent to 31.60 yuan. Holley Pharmaceuticals advanced 2.67 percent to 8.84 yuan. Shandong Dong-E Ejiao Co jumped 3.44 percent to 32.47 yuan.
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