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Shanghai shares fall on profit-taking and qualms
By Ye Zhen |
February 22, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks continued the fall today and the key index posted the biggest weekly loss in 21 months amid profit taking and growing uncertainty over monetary policies.
The Shanghai Composite Index shed 0.51 percent to close at 2,314.16 points. Daily turnover stood at 87.6 billion yuan (US$14.1 billion). The index slid 4.9 percent this week, the biggest weekly loss since May 2011.
"The market is under pressure of profit taking after the index rebounded in December to reach 2,500 points," CITIC Securities said in a report today.
Uncertainty over monetary policies at home and abroad also weighted on the market after China's central bank resumed the repurchase operation to drain liquidity and the minutes of a Federal Reserve meeting showed US policymakers were debating about the risks of their bond-buying stimulus policy, the broker said.
Property developers were mixed after the National Statistics Bureau showed data that home prices rose in 53 of the 70 cities monitored by the bureau in January, the third month that marked rising home prices in more than 70 percent of the cities.
China Vanke, the nation's biggest developer, added 0.1 percent to 11.32 yuan. Poly Real Estate, the second-biggest developer, climbed 0.8 percent to 12.40 yuan. Gemdale Corporation lost 2 percent to 6.92 yuan.
The Shanghai Composite Index shed 0.51 percent to close at 2,314.16 points. Daily turnover stood at 87.6 billion yuan (US$14.1 billion). The index slid 4.9 percent this week, the biggest weekly loss since May 2011.
"The market is under pressure of profit taking after the index rebounded in December to reach 2,500 points," CITIC Securities said in a report today.
Uncertainty over monetary policies at home and abroad also weighted on the market after China's central bank resumed the repurchase operation to drain liquidity and the minutes of a Federal Reserve meeting showed US policymakers were debating about the risks of their bond-buying stimulus policy, the broker said.
Property developers were mixed after the National Statistics Bureau showed data that home prices rose in 53 of the 70 cities monitored by the bureau in January, the third month that marked rising home prices in more than 70 percent of the cities.
China Vanke, the nation's biggest developer, added 0.1 percent to 11.32 yuan. Poly Real Estate, the second-biggest developer, climbed 0.8 percent to 12.40 yuan. Gemdale Corporation lost 2 percent to 6.92 yuan.
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