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Shanghai shares fall amid bird flu scare
By Ye Zhen |
April 8, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning as tourism-related shares tumbled amid bird flu scare. The key Shanghai Composite Index lost 0.73 percent to 2,209.07 points. Turnover was 44.9 billion yuan (US$7.2 billion) by the noon break.
"The current outbreak of bird flu is likely to cause stock market panic in the short term. Downstream industries like tourism and catering may suffer," said Damo Investment Co.
The number of people infected with the deadly H7N9 virus in China has climbed to 21 during the Qingming Festival last week. Six deaths have been reported.
China United Travel Co Ltd slumped 4 percent to 3.69 yuan. China CYTS Tours Holding Co fell 3.5 percent to 13.93 yuan. Shanghai Jinjiang International Hotels Development Co lost 3.9 percent to 12.37 yuan.
Property developers languished after the Beijing government raised down-payment requirement for second-home buyers to 70 percent of the purchase price.
Poly Real Estate, China's second-largest developer, shrank 2 percent to 11.60 yuan. Gemdale Corporation dipped 1.1 percent to 6.46 yuan. Shanghai Xinmei Real Estate Co decreased 3.7 percent to 5 yuan.
"The current outbreak of bird flu is likely to cause stock market panic in the short term. Downstream industries like tourism and catering may suffer," said Damo Investment Co.
The number of people infected with the deadly H7N9 virus in China has climbed to 21 during the Qingming Festival last week. Six deaths have been reported.
China United Travel Co Ltd slumped 4 percent to 3.69 yuan. China CYTS Tours Holding Co fell 3.5 percent to 13.93 yuan. Shanghai Jinjiang International Hotels Development Co lost 3.9 percent to 12.37 yuan.
Property developers languished after the Beijing government raised down-payment requirement for second-home buyers to 70 percent of the purchase price.
Poly Real Estate, China's second-largest developer, shrank 2 percent to 11.60 yuan. Gemdale Corporation dipped 1.1 percent to 6.46 yuan. Shanghai Xinmei Real Estate Co decreased 3.7 percent to 5 yuan.
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