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Shanghai shares lose led by developers and banks
By Feng Jianmin |
May 17, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks tumbled in the morning session led by property developers and banks on concerns of tightening policies to curb housing prices.
Premier Wen Jiabao said on Friday that the central government would decisively prevent home prices from rising too fast while preventing negative effects of overlaping policies, the Xinhua news agency said.
The benchmark Shanghai index retreated 79.5 points, or 2.95 percent, to 2,617.1 points. Turnover stood at 44 billion yuan (US$6.45 billion). Losers outnumbered gainers by 894 to 61, and 151 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, edged up 0.27 percent to 1240.8.
China Vanke Co, the nation's biggest developer, lost 3.28 percent to 7.07 yuan. Poly Real Estate Group Co slumped 5.5 percent to 10.30 yuan. Gemdale Corporation went down 3.6 percent to 5.89 yuan.
Industry and Commercial Bank of China, also known as ICBC, went down 2 percent to 4.44 yuan. Bank of Construction withdrew 2.33 percent to 5.03 yuan. Merchant Bank slid 3.94 percent to 13.33 yuan.
Steel makers also went weak on the slump of steel prices last week. Angang Steel Co dropped 5.05 percent to 8.08 yuan after announcing its plan to invest in five factories in the United States. Baoshan Iron & Steel tumbled 4.54 percent to 6.31 yuan. Beijing Shougang Co was 2.24 percent lower at 3.92 yuan.
PetroChina, the biggest index component, declined 2.33 percent to 10.89 yuan after signing an exploration and production contract with Qatar Petroleum and Royal Dutch Shell. China Petroleum & Chemical Corp slip 2.93 percent to 8.93 yuan.
Premier Wen Jiabao said on Friday that the central government would decisively prevent home prices from rising too fast while preventing negative effects of overlaping policies, the Xinhua news agency said.
The benchmark Shanghai index retreated 79.5 points, or 2.95 percent, to 2,617.1 points. Turnover stood at 44 billion yuan (US$6.45 billion). Losers outnumbered gainers by 894 to 61, and 151 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, edged up 0.27 percent to 1240.8.
China Vanke Co, the nation's biggest developer, lost 3.28 percent to 7.07 yuan. Poly Real Estate Group Co slumped 5.5 percent to 10.30 yuan. Gemdale Corporation went down 3.6 percent to 5.89 yuan.
Industry and Commercial Bank of China, also known as ICBC, went down 2 percent to 4.44 yuan. Bank of Construction withdrew 2.33 percent to 5.03 yuan. Merchant Bank slid 3.94 percent to 13.33 yuan.
Steel makers also went weak on the slump of steel prices last week. Angang Steel Co dropped 5.05 percent to 8.08 yuan after announcing its plan to invest in five factories in the United States. Baoshan Iron & Steel tumbled 4.54 percent to 6.31 yuan. Beijing Shougang Co was 2.24 percent lower at 3.92 yuan.
PetroChina, the biggest index component, declined 2.33 percent to 10.89 yuan after signing an exploration and production contract with Qatar Petroleum and Royal Dutch Shell. China Petroleum & Chemical Corp slip 2.93 percent to 8.93 yuan.
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