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Shanghai stocks retreat after long holiday
By Lu Nengneng |
January 30, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market kicked off the Year of the Dragon on a bearish note as China's economic outlook is clouded by a languid housing market and a vulnerable financial system due to falling home prices and the escalating European debt crisis.
The key benchmark Shanghai Composite Index dropped 0.32 percent to 2,311.7 points by noon break, snapping the two-day gains before the week-long holiday.
Sluggish home sales during the Chinese New Year holidays fanned worries over a long-term stagnation of the housing market and dimmed the earnings prospect of cash-strapped property developers.
Property-staple stocks fell. Poly Real Estate dropped 2.01 percent to 10.72 yuan. China Vanke tumbled 2.28 percent to 7.72 yuan. Gemdale Group lost 0.55 percent to 5.43 yuan.
Adding to investor jitters, the risk exposure caused by the dropping house prices and the deteriorating European debt crisis dragged down the financial stocks despite the mounting speculation of more liquidity injections in the first quarter.
Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.69 percent to 4.33 yuan. China Construction Bank retreated 1.23 percent to 4.82 yuan. China Life Insurance sunk 0.88 percent to 19.16 yuan.
The key benchmark Shanghai Composite Index dropped 0.32 percent to 2,311.7 points by noon break, snapping the two-day gains before the week-long holiday.
Sluggish home sales during the Chinese New Year holidays fanned worries over a long-term stagnation of the housing market and dimmed the earnings prospect of cash-strapped property developers.
Property-staple stocks fell. Poly Real Estate dropped 2.01 percent to 10.72 yuan. China Vanke tumbled 2.28 percent to 7.72 yuan. Gemdale Group lost 0.55 percent to 5.43 yuan.
Adding to investor jitters, the risk exposure caused by the dropping house prices and the deteriorating European debt crisis dragged down the financial stocks despite the mounting speculation of more liquidity injections in the first quarter.
Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.69 percent to 4.33 yuan. China Construction Bank retreated 1.23 percent to 4.82 yuan. China Life Insurance sunk 0.88 percent to 19.16 yuan.
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