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Shanghai shares down 1.09% on property market fears
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SHANGHAI stocks fell this morning, dragged by financial firms, homebuilders, and coal and cement producers amid fears that a cooling property market would slow economic growth.
The benchmark Shanghai Composite Index lost 1.09 percent, or 22.10 points, to 2,004.41. Half-day turnover was 27.4 billion yuan (US$4.4 billion).
Home prices rose in 44 of the 70 cities monitored by the government in April, a drop from 56 in March and 57 in February, data from the National Bureau of Statistics showed yesterday.
“Moderating growth of the real estate sector will be the biggest risk for the Chinese economy in the next two years,” Wang Tao, chief China economist at UBS, said in a note today.
The UBS has cut its 2014 forecast for China’s economic growth from 7.5 percent to 7.3 percent and reduced its 2015 growth estimate from 7.0 percent to 6.8 percent as the real estate sector weakened more than expected this year.
Poly Real Estate, China’s second-largest developer, lost 1.2 percent to 7.40 yuan. Gemdale Corporation fell 1.4 percent to 7.56 yuan.
Financial institutions also fell. Industrial Bank dropped 2.7 percent to 9.70 yuan. CITIC Securities, China’s biggest listed brokerage, lost 2.4 percent to 11.07 yuan.
Guizhou Panjiang Refined Coal decreased 4 percent to 7.29 yuan. Shanxi Lu'an Environmental Energy Development lost 2.7 percent to 8.09 yuan. Anhui Conch Cement fell 2.4 percent to 16.16 yuan.
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