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Shanghai shares drop as stimulus moves fail to arrive
By Ye Zhen |
August 13, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning as the central government failed to unveil new measures to shore up the country's flagging economy over the weekend.
The key Shanghai Composite Index lost 0.54 percent, or 11.71 points to 2,157.10 points. Turnover stood at 30.8 billion yuan (US$4.8 billion) at midday.
The market sentiment remained low as the government held off new stimulus measures to spur growth as economic data released last week showed further slowdown of the world's second largest economy.
A rebound in home prices is the main worry for policymakers to take further monetary easing moves, China International Capital Corporation Limited said in a report. The company expects one more cut in interest rates in the remaining months this year as dwindling inflation provided more room for policy easing.
Property developers were losers amid speculations the government will tighten its control of the housing market. China Vanke, the nation's biggest developer, lost 2.5 percent to 8.57 yuan. Poly Real Estate, the second largest developer, slumped 3.4 percent to 10.27 yuan. Gemdale Corporation tumbled 2.2 percent to 5.41 yuan.
Cement producers posted a weak run due to falling prices and sluggish sales. Anhui Conch Cement Co, China's biggest cement producer, shrank 3 percent to 14.60 yuan. Zhejiang Jianfeng Group Co, a building materials manufacturer, fell 2.6 percent to 10.77 yuan. Gansu Qilianshan Cement Group Co lost 3.1 percent to 10.47 yuan.
Insurers also retreated. China Life Insurance, the country's biggest insurer, shed 2 percent to 18.50 yuan. Ping An Insurance Co, China's second largest insurer, decreased 2.3 percent to 43.79 yuan. China Pacific Insurance (Group) Co fell 2.9 percent to 21 yuan.
The key Shanghai Composite Index lost 0.54 percent, or 11.71 points to 2,157.10 points. Turnover stood at 30.8 billion yuan (US$4.8 billion) at midday.
The market sentiment remained low as the government held off new stimulus measures to spur growth as economic data released last week showed further slowdown of the world's second largest economy.
A rebound in home prices is the main worry for policymakers to take further monetary easing moves, China International Capital Corporation Limited said in a report. The company expects one more cut in interest rates in the remaining months this year as dwindling inflation provided more room for policy easing.
Property developers were losers amid speculations the government will tighten its control of the housing market. China Vanke, the nation's biggest developer, lost 2.5 percent to 8.57 yuan. Poly Real Estate, the second largest developer, slumped 3.4 percent to 10.27 yuan. Gemdale Corporation tumbled 2.2 percent to 5.41 yuan.
Cement producers posted a weak run due to falling prices and sluggish sales. Anhui Conch Cement Co, China's biggest cement producer, shrank 3 percent to 14.60 yuan. Zhejiang Jianfeng Group Co, a building materials manufacturer, fell 2.6 percent to 10.77 yuan. Gansu Qilianshan Cement Group Co lost 3.1 percent to 10.47 yuan.
Insurers also retreated. China Life Insurance, the country's biggest insurer, shed 2 percent to 18.50 yuan. Ping An Insurance Co, China's second largest insurer, decreased 2.3 percent to 43.79 yuan. China Pacific Insurance (Group) Co fell 2.9 percent to 21 yuan.
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