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Shanghai stocks down 0.4% in morning trading
By Ye Zhen |
December 4, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks extended yesterday's losses in morning trading as tight liquidity continued to weigh on market sentiment.
The key Shanghai Composite Index fell 0.4 percent, or 7.92 points, to 1,951.85 points. Turnover stood at 19.9 billion yuan (US$3.2 billion) by midday.
"Although China's economic condition is improving steadily, liquidity pressure at the year-end still impedes market performance," said Great Wall Securities in a report today.
A total of 644 billion yuan has flowed from the Chinese stock market so far this year, according to the broker.
Most distilleries continued a weak run. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 1.4 percent to 197.46 yuan. Sichuan Tuopai Shede Wine Co declined 1.9 percent to 19.40 yuan. Shanxi Xinghuacun Fen Wine Factory Co added 0.7 percent to 32.90 yuan. Sichuan Swellfun Co rose 0.9 percent to 16.25 yuan.
Property developers were mixed after data from China Index Academy showed that the average price of new homes in 100 major cities in China rose 0.26 percent from a month earlier to 8,791 yuan per square meter, up 0.09 percentage points from October.
China Vanke, the nation's biggest developer, rose 0.6 percent to 8.85 yuan. Poly Real Estate, the second largest developer, shed 0.3 percent to 11.72 yuan. Gemdale Corporation fell 0.2 percent to 5.40 yuan.
The key Shanghai Composite Index fell 0.4 percent, or 7.92 points, to 1,951.85 points. Turnover stood at 19.9 billion yuan (US$3.2 billion) by midday.
"Although China's economic condition is improving steadily, liquidity pressure at the year-end still impedes market performance," said Great Wall Securities in a report today.
A total of 644 billion yuan has flowed from the Chinese stock market so far this year, according to the broker.
Most distilleries continued a weak run. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 1.4 percent to 197.46 yuan. Sichuan Tuopai Shede Wine Co declined 1.9 percent to 19.40 yuan. Shanxi Xinghuacun Fen Wine Factory Co added 0.7 percent to 32.90 yuan. Sichuan Swellfun Co rose 0.9 percent to 16.25 yuan.
Property developers were mixed after data from China Index Academy showed that the average price of new homes in 100 major cities in China rose 0.26 percent from a month earlier to 8,791 yuan per square meter, up 0.09 percentage points from October.
China Vanke, the nation's biggest developer, rose 0.6 percent to 8.85 yuan. Poly Real Estate, the second largest developer, shed 0.3 percent to 11.72 yuan. Gemdale Corporation fell 0.2 percent to 5.40 yuan.
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