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Shanghai stocks ebb as authorities rein in real estate
By Feng Jianmin |
August 23, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower today on central government's urging local governments to take forceful measures on the property market.
The benchmark Shanghai Composite Index dipped 0.11 percent, or 2.94 points, to close at 2,639.37 points. Turnover fell to 91.5 billion yuan (US$ 13.5 billion) from last Friday's 119.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.39 percent higher at 1,121.65 points.
Property developers led the losers after Vice Premier Li Keqiang urged local governments over the weekend to increase supply of low-cost housing and to rein in speculation.
China Vanke lost 1.85 percent to 8.49 yuan. China Merchants Property Development Co fell 3.09 percent to 19.76 yuan. Poly Real Estate Co retreated 1.52 percent to 12.31 yuan.
Banks went mixed after Bank of Communications said its profit increased 26.7 percent in the first half from a year earlier. Its share lost 0.8 percent to 6.24 yuan. Bank of China lost 1.43 percent to 3.44 yuan. Agricultural Bank of China was unchanged at 2.68 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, drove index lower after reporting a 6.7 percent growth of profit in the first half from last year. Its share went down 0.82 percent to 8.44 yuan. PetroChina, the biggest index component, dipped 0.67 percent to 10.35 yuan.
Stocks related to the Shenzhen Special Economic Zone gained on speculation that the central government may invest to boost its development after Premier Wen Jiabao's visit on the 30th birthday of the zone last Friday. Shenzhen Huafa Electronics hiked by the 10 percent daily limit to 11.61 yuan.
Shenzhen Energy Group Co climbed 3.45 percent to 11.09 yuan. Shenzhen Airport Co went up 0.66 percent to 6.06 yuan.
(Max)
The benchmark Shanghai Composite Index dipped 0.11 percent, or 2.94 points, to close at 2,639.37 points. Turnover fell to 91.5 billion yuan (US$ 13.5 billion) from last Friday's 119.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 0.39 percent higher at 1,121.65 points.
Property developers led the losers after Vice Premier Li Keqiang urged local governments over the weekend to increase supply of low-cost housing and to rein in speculation.
China Vanke lost 1.85 percent to 8.49 yuan. China Merchants Property Development Co fell 3.09 percent to 19.76 yuan. Poly Real Estate Co retreated 1.52 percent to 12.31 yuan.
Banks went mixed after Bank of Communications said its profit increased 26.7 percent in the first half from a year earlier. Its share lost 0.8 percent to 6.24 yuan. Bank of China lost 1.43 percent to 3.44 yuan. Agricultural Bank of China was unchanged at 2.68 yuan.
China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, drove index lower after reporting a 6.7 percent growth of profit in the first half from last year. Its share went down 0.82 percent to 8.44 yuan. PetroChina, the biggest index component, dipped 0.67 percent to 10.35 yuan.
Stocks related to the Shenzhen Special Economic Zone gained on speculation that the central government may invest to boost its development after Premier Wen Jiabao's visit on the 30th birthday of the zone last Friday. Shenzhen Huafa Electronics hiked by the 10 percent daily limit to 11.61 yuan.
Shenzhen Energy Group Co climbed 3.45 percent to 11.09 yuan. Shenzhen Airport Co went up 0.66 percent to 6.06 yuan.
(Max)
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