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Shanghai shares drop as banks and developers drop
By Ding Yining |
April 12, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower in the morning session as property shares and banking sector dropped after the country's banking watchdog urged stricter scrutiny for credit concerning land and home purchases.
The benchmark Shanghai Composite Index lost 0.57 percent, or 17.78 points, to close at 3,127.56 points. Turnover was 91.2 billion yuan(US$13.4 billion). Losers outnumbered gainers by 451 to 404, and 65 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.10 percent to close at 1,248.63 points.
Liu Mingkang, chairman of the China Banking Regulatory Commission, had urged all banks to increase awareness of financial risks and use credibility ranking system to choose borrowers.
The China Banking Regulatory Commission said in a statement on its Website on Sunday that down payment ratio of a second or more houses should be over 40 percent.
Liu also said at the Boao Forum for Asia over the weekend that lenders had the right to reject loan requests from property speculators.
Property shares extended previous losses. China Vanke Co, the nation's largest listed real estate developer, sank 2.02 percent to 9.20 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.96 percent to 22.95 yuan. Gemdale Corporation tumbled 5 percent to 12.93 yuan.
Banking shares were also weak. Industrial & Commercial Bank of China, the nation's biggest lender, lost 0.80 percent to 4.93 yuan. Bank of Communications dropped 1.57 percent to 8.13 yuan. China Merchants Bank Co retreated 1.18 percent to 15.85 yuan. Shanghai Pudong Development Bank eased 1.79 percent to 22.53 yuan.
Metal producers showed mixed results. Zhongjin Gold Mining Co added 1.16 percent to 50.68 yuan. Zijin Gold Mining Co edged up 0.24 percent to 8.43 yuan. Jiangxi Copper was down 0.46 percent to 37.13 yuan.
The benchmark Shanghai Composite Index lost 0.57 percent, or 17.78 points, to close at 3,127.56 points. Turnover was 91.2 billion yuan(US$13.4 billion). Losers outnumbered gainers by 451 to 404, and 65 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.10 percent to close at 1,248.63 points.
Liu Mingkang, chairman of the China Banking Regulatory Commission, had urged all banks to increase awareness of financial risks and use credibility ranking system to choose borrowers.
The China Banking Regulatory Commission said in a statement on its Website on Sunday that down payment ratio of a second or more houses should be over 40 percent.
Liu also said at the Boao Forum for Asia over the weekend that lenders had the right to reject loan requests from property speculators.
Property shares extended previous losses. China Vanke Co, the nation's largest listed real estate developer, sank 2.02 percent to 9.20 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.96 percent to 22.95 yuan. Gemdale Corporation tumbled 5 percent to 12.93 yuan.
Banking shares were also weak. Industrial & Commercial Bank of China, the nation's biggest lender, lost 0.80 percent to 4.93 yuan. Bank of Communications dropped 1.57 percent to 8.13 yuan. China Merchants Bank Co retreated 1.18 percent to 15.85 yuan. Shanghai Pudong Development Bank eased 1.79 percent to 22.53 yuan.
Metal producers showed mixed results. Zhongjin Gold Mining Co added 1.16 percent to 50.68 yuan. Zijin Gold Mining Co edged up 0.24 percent to 8.43 yuan. Jiangxi Copper was down 0.46 percent to 37.13 yuan.
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