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Shanghai stocks drop as restrictions on properties loom
By Feng Jianmin |
August 18, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped on concerns that local governments may step up measures to tighten liquidity of property developers.
The benchmark Shanghai Composite Index went down 0.21 percent, or 5.59 points, to close at 2,666.3 points. Turnover stood at 128.9 billion yuan (US$ 10.9 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, closed almost unchanged at 1,138.03 points.
Beijing may restrict property developers' control over advance payment from sales by putting the money under inspection of China Banking Regulatory Commission, according to 21st Century Business Herald.
China Vanke fell 1.68 percent to 8.79 yuan after the shares gained for seven consecutive days. Gemedale Corp lost 2.27 percent to 6.90 yuan. China Merchants Property Development Co fell 1.2 percent to 20.65 yuan.
The finance sector outperformed the market as Everbright Bank climbed 18.06 percent to 3.66 yuan on debut. China Pacific Insurance Group Co went up 1 percent to 24.42 yuan. Industrial and Commercial Bank of China dipped 0.24 percent at 4.15 yuan. Bank of China added 0.29 percent to 3.48 yuan.
Gold miners gained after bullion prices hit 6-week highs against a weak US dollar. Shandong Gold Mining Co grew 2.8 percent to 42.65 yuan. Zhongjin Gold Co rose 1 percent to 35.34 yuan. Zijin Mining Group Co, China's largest gold producer, went up 1.23 percent to 6.59 yuan.
The benchmark Shanghai Composite Index went down 0.21 percent, or 5.59 points, to close at 2,666.3 points. Turnover stood at 128.9 billion yuan (US$ 10.9 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, closed almost unchanged at 1,138.03 points.
Beijing may restrict property developers' control over advance payment from sales by putting the money under inspection of China Banking Regulatory Commission, according to 21st Century Business Herald.
China Vanke fell 1.68 percent to 8.79 yuan after the shares gained for seven consecutive days. Gemedale Corp lost 2.27 percent to 6.90 yuan. China Merchants Property Development Co fell 1.2 percent to 20.65 yuan.
The finance sector outperformed the market as Everbright Bank climbed 18.06 percent to 3.66 yuan on debut. China Pacific Insurance Group Co went up 1 percent to 24.42 yuan. Industrial and Commercial Bank of China dipped 0.24 percent at 4.15 yuan. Bank of China added 0.29 percent to 3.48 yuan.
Gold miners gained after bullion prices hit 6-week highs against a weak US dollar. Shandong Gold Mining Co grew 2.8 percent to 42.65 yuan. Zhongjin Gold Co rose 1 percent to 35.34 yuan. Zijin Mining Group Co, China's largest gold producer, went up 1.23 percent to 6.59 yuan.
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