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Shanghai shares drop led by developers and banks
By Ding Yining |
April 20, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower in the morning session, led by developers and banks, as investors remained cautious after yesterday's plunge.
The benchmark Shanghai Composite Index was down 0.35 percent, or 10.32 points, to close at 2,969.98 points. Turnover was 64.8 billion yuan(US$9.5 billion). Losers outnumbered gainers by 423 to 419 and 80 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.49 percent to close at 1,169.58 points.
The Ministry of Housing and Urban-Rural Development has ordered developers not to take deposits for sales of uncompleted apartments without approval as an intensified step to prevent bubbles in the property market, according to a statement on its Website today.
Developers must disclose to the public all apartments available and prices, and start selling within 10 days of getting pre-sale approval, it said.
Property shares extended previous losses. COFCO Property Group Co dived 5.07 percent to 7.86 yuan. China Vanke Co, the nation's largest listed real estate developer, retreated 3.61 percent to 8 yuan. China Merchants Property Development Co Ltd lost 4.08 percent to 18.33 yuan.
Banking shares were also weak. Industrial Bank retreated 3.51 percent to 29.99 yuan. China Merchants Bank Co lost 1.43 percent to 14.48 yuan. Shanghai Pudong Development Bank lost 1.61 percent to 20.23 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, dropped 2.24 percent to 6.97 yuan. Wuhan Iron & Steel lost 1.94 percent to 6.07 yuan.
Metal producers showed mixed results. Zijin Gold Mining Co was up 0.84 percent to 8.38 yuan. Jiangxi Copper added 1.18 percent to 35.25 yuan. Ningbo Fubang Jingye Group lost 2.42 percent to 9.69 yuan.
Pharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co jumped 5.46 percent to 34.01 yuan. Shandong Dong-E Ejiao Co advanced 5.54 percent to 33.52 yuan.
The benchmark Shanghai Composite Index was down 0.35 percent, or 10.32 points, to close at 2,969.98 points. Turnover was 64.8 billion yuan(US$9.5 billion). Losers outnumbered gainers by 423 to 419 and 80 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.49 percent to close at 1,169.58 points.
The Ministry of Housing and Urban-Rural Development has ordered developers not to take deposits for sales of uncompleted apartments without approval as an intensified step to prevent bubbles in the property market, according to a statement on its Website today.
Developers must disclose to the public all apartments available and prices, and start selling within 10 days of getting pre-sale approval, it said.
Property shares extended previous losses. COFCO Property Group Co dived 5.07 percent to 7.86 yuan. China Vanke Co, the nation's largest listed real estate developer, retreated 3.61 percent to 8 yuan. China Merchants Property Development Co Ltd lost 4.08 percent to 18.33 yuan.
Banking shares were also weak. Industrial Bank retreated 3.51 percent to 29.99 yuan. China Merchants Bank Co lost 1.43 percent to 14.48 yuan. Shanghai Pudong Development Bank lost 1.61 percent to 20.23 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, dropped 2.24 percent to 6.97 yuan. Wuhan Iron & Steel lost 1.94 percent to 6.07 yuan.
Metal producers showed mixed results. Zijin Gold Mining Co was up 0.84 percent to 8.38 yuan. Jiangxi Copper added 1.18 percent to 35.25 yuan. Ningbo Fubang Jingye Group lost 2.42 percent to 9.69 yuan.
Pharmaceutical companies bucked the downward trend. Jiangzhong Pharmaceutical Co jumped 5.46 percent to 34.01 yuan. Shandong Dong-E Ejiao Co advanced 5.54 percent to 33.52 yuan.
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