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Shanghai shares drop on weak property sector
By Feng Jianmin |
August 2, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell in the morning session led by property developers on concerns that the central government will step up efforts to tame home prices.
The benchmark Shanghai Composite Index fell 0.45 percent, or 9.49 points, to 2,113.87 points.
It was reported today that inspection teams sent by the State Council, of the Cabinet, has started thorough investigation to make sure local governments are strictly following property controlling measures taken by the central government.
Housing authority of Zhejiang Province said yesterday that it would punish the Yiwu City watchdog if the city has actually canceled home purchase limits.
Property developers dropped. China Merchants Property Development Co shed 7.75 percent to 21.54 yuan. Gemdale Corp slid 7.2 percent to 5.38 yuan.
Banks outperformed. Agricultural Bank of China edged up 0.4 percent to 2.51 yuan. Bank of Communications rose 1.15 percent to 4.40 yuan.
In the smaller market in southern China, the Shenzhen Component Index fell 1.33 percent to 9,043.74 points.
Drops in the China market followed a weak US stock market after the Federal Reserves indicated no intention for further monetary easing plan, a new round of quantitative easing, or QE3, in a statement yesterday.
The benchmark Shanghai Composite Index fell 0.45 percent, or 9.49 points, to 2,113.87 points.
It was reported today that inspection teams sent by the State Council, of the Cabinet, has started thorough investigation to make sure local governments are strictly following property controlling measures taken by the central government.
Housing authority of Zhejiang Province said yesterday that it would punish the Yiwu City watchdog if the city has actually canceled home purchase limits.
Property developers dropped. China Merchants Property Development Co shed 7.75 percent to 21.54 yuan. Gemdale Corp slid 7.2 percent to 5.38 yuan.
Banks outperformed. Agricultural Bank of China edged up 0.4 percent to 2.51 yuan. Bank of Communications rose 1.15 percent to 4.40 yuan.
In the smaller market in southern China, the Shenzhen Component Index fell 1.33 percent to 9,043.74 points.
Drops in the China market followed a weak US stock market after the Federal Reserves indicated no intention for further monetary easing plan, a new round of quantitative easing, or QE3, in a statement yesterday.
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