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Shanghai shares drop on weaker developers
By Ding Yining |
May 25, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market retreated more than 1 percent in the morning session as media reports of the possible launch of a property tax sent real estate developers down.
The benchmark Shanghai Composite Index was down 1.15 percent, or 30.66 points, to close at 2,642.76 points. Turnover shrank to 57.1 billion yuan (US$8.4 billion) from yesterday's 75.1 billion yuan. Losers outnumbered gainers 541 to 319 and 63 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.42 percent to close at 1,047.18 points.
Shanghai will introduce a property tax policy on a trial basis next month, the Economic Observer reported today, citing an unidentified person. A more detailed policy may be announced at a later date, the report said.
China Merchants Property Development Co Ltd sank 4.07 percent to 16.50 yuan. China Vanke Co, the biggest listed domestic real estate developer, fell 2.86 percent to 7.48 yuan. Gemdale Corporation retreated 3.95 percent to 6.81 yuan. Poly Real Estate Group dropped 4.03 percent to 11.66 yuan.
The Strategic Development Center of Bank of China wrote in a research report that the interest rate is not likely to rise in the near future and the monetary policies will be mainly targeted at curbing excessive liquidity and controlling price levels. It also predicted that CPI may rise 3.7 percent in the second quarter.
Financial shares were down. Ping An Insurance (Group) Co fell 2.77 percent to 45.59 yuan. China Pacific Insurance (Group) Co Ltd sank 4.19 percent to 21.97 yuan. Bank of Communications lost 2.01 percent to 6.82 yuan. Shanghai Pudong Development Bank was down 1.98 percent to 19.35 yuan.
Metal producers showed mixed results. Jiangxi Copper was down 0.71 percent to 29.56 yuan. Shandong Gold Mining Co added 0.92 percent to 39.61 yuan. Yunnan Copper dipped 0.67 percent to 22.35 yuan.
Pharmaceutical shares bucked the downward trend. Shanghai Neptunus Bioengineering Co hiked 7.17 percent to 11.51 yuan. Guilin Layn Natural Ingredients Corp jumped 5.99 percent to 16.10 yuan.
The benchmark Shanghai Composite Index was down 1.15 percent, or 30.66 points, to close at 2,642.76 points. Turnover shrank to 57.1 billion yuan (US$8.4 billion) from yesterday's 75.1 billion yuan. Losers outnumbered gainers 541 to 319 and 63 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.42 percent to close at 1,047.18 points.
Shanghai will introduce a property tax policy on a trial basis next month, the Economic Observer reported today, citing an unidentified person. A more detailed policy may be announced at a later date, the report said.
China Merchants Property Development Co Ltd sank 4.07 percent to 16.50 yuan. China Vanke Co, the biggest listed domestic real estate developer, fell 2.86 percent to 7.48 yuan. Gemdale Corporation retreated 3.95 percent to 6.81 yuan. Poly Real Estate Group dropped 4.03 percent to 11.66 yuan.
The Strategic Development Center of Bank of China wrote in a research report that the interest rate is not likely to rise in the near future and the monetary policies will be mainly targeted at curbing excessive liquidity and controlling price levels. It also predicted that CPI may rise 3.7 percent in the second quarter.
Financial shares were down. Ping An Insurance (Group) Co fell 2.77 percent to 45.59 yuan. China Pacific Insurance (Group) Co Ltd sank 4.19 percent to 21.97 yuan. Bank of Communications lost 2.01 percent to 6.82 yuan. Shanghai Pudong Development Bank was down 1.98 percent to 19.35 yuan.
Metal producers showed mixed results. Jiangxi Copper was down 0.71 percent to 29.56 yuan. Shandong Gold Mining Co added 0.92 percent to 39.61 yuan. Yunnan Copper dipped 0.67 percent to 22.35 yuan.
Pharmaceutical shares bucked the downward trend. Shanghai Neptunus Bioengineering Co hiked 7.17 percent to 11.51 yuan. Guilin Layn Natural Ingredients Corp jumped 5.99 percent to 16.10 yuan.
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