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Shanghai shares plunge, led by developers on concerns of further tightening
By Leo Zhang |
May 6, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI shares stumbled in the morning session with weak performance of developers as jitters are mounting that the central government may grow more hawkish in policy to curb the sizzling property market.
The benchmark Shanghai Composite Index, which tracks the bigger mainland bourse, lost 1.71 percent to 2,808.34 at the mid-day break. Turnover stood at 54.4 billion yuan (US$8 billion), compared with 56.1 billion yuan on Wednesday morning.
The Shenzhen Component Index, which covers the smaller exchange, slumped 2.76 percent to finish at 10,700.11.
Poly Real Estate Group, China's biggest state-owned listed developer, tumbled 3.59 percent to 11.02 yuan. China Vanke Co, the country's largest listed developer by market value, lost 2 percent to 7.34 yuan.
"In the short term, developers will face strong selling pressure amid worries more tightening measures are in the pipeline," said Liu Yu, an Orient Securities Co trader.
Huaxia Bank Co, partly-held by Deutsche Bank, plunged 10 percent to 11.45 yuan after saying it will raise up to 20.8 billion yuan in a private placement to shore up capital.
The benchmark Shanghai Composite Index, which tracks the bigger mainland bourse, lost 1.71 percent to 2,808.34 at the mid-day break. Turnover stood at 54.4 billion yuan (US$8 billion), compared with 56.1 billion yuan on Wednesday morning.
The Shenzhen Component Index, which covers the smaller exchange, slumped 2.76 percent to finish at 10,700.11.
Poly Real Estate Group, China's biggest state-owned listed developer, tumbled 3.59 percent to 11.02 yuan. China Vanke Co, the country's largest listed developer by market value, lost 2 percent to 7.34 yuan.
"In the short term, developers will face strong selling pressure amid worries more tightening measures are in the pipeline," said Liu Yu, an Orient Securities Co trader.
Huaxia Bank Co, partly-held by Deutsche Bank, plunged 10 percent to 11.45 yuan after saying it will raise up to 20.8 billion yuan in a private placement to shore up capital.
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