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Shanghai stocks fall as new stimulus moves unlikely
By Ye Zhen |
August 22, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks inched down this morning on speculation that the government may delay policy easing after the central bank injected a record amount of liquidity.
The benchmark Shanghai Composite Index lost 0.38 percent, or 8.01 points to 2110.26 points. Turnover stood at 25.5 billion yuan (US$4 billion) at midday.
The People's Bank of China, the central bank, yesterday released 120 billion yuan into the market via reverser repurchase operations. That marked the biggest one-day injection since late June and intensified the speculation that policymakers may hold off stimulus measures to avoid a rebound in home prices.
Citic Securities analyst Fu Xiong said more Chinese cities recorded a rise in home prices in July and the expectation that inflation may pick up in August combined to delay further policy easing.
Property developers had a weak run in morning trading amid worries the government may expand property tax to more cities. China Vanke, the nation's biggest developer, fell 1.7 percent to 8.18 yuan. Poly Real Estate, the second largest developer, lost 2.1 percent to 9.62 yuan. Gemdale Corporation dropped 3.1 percent to 5.01 yuan.
Brokerages were bearish due to poor earnings reports. Citic Securities, the biggest listed brokerage, shed 0.2 percent to 10.75 yuan. Soochow Securities Co slipped 1.1 percent to 7.53 yuan. Sinolink Securities Co retreated 1.2 percent to 10.89 yuan.
The combined net profit of 10 listed brokerages that have reported their first-half earnings slumped 22.4 percent from a year earlier, according to Wind Information Co.
The benchmark Shanghai Composite Index lost 0.38 percent, or 8.01 points to 2110.26 points. Turnover stood at 25.5 billion yuan (US$4 billion) at midday.
The People's Bank of China, the central bank, yesterday released 120 billion yuan into the market via reverser repurchase operations. That marked the biggest one-day injection since late June and intensified the speculation that policymakers may hold off stimulus measures to avoid a rebound in home prices.
Citic Securities analyst Fu Xiong said more Chinese cities recorded a rise in home prices in July and the expectation that inflation may pick up in August combined to delay further policy easing.
Property developers had a weak run in morning trading amid worries the government may expand property tax to more cities. China Vanke, the nation's biggest developer, fell 1.7 percent to 8.18 yuan. Poly Real Estate, the second largest developer, lost 2.1 percent to 9.62 yuan. Gemdale Corporation dropped 3.1 percent to 5.01 yuan.
Brokerages were bearish due to poor earnings reports. Citic Securities, the biggest listed brokerage, shed 0.2 percent to 10.75 yuan. Soochow Securities Co slipped 1.1 percent to 7.53 yuan. Sinolink Securities Co retreated 1.2 percent to 10.89 yuan.
The combined net profit of 10 listed brokerages that have reported their first-half earnings slumped 22.4 percent from a year earlier, according to Wind Information Co.
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