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Shanghai stocks tumble on profit taking
By Hu Xiaocen |
February 19, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell again today, extending yesterday's losses, as shareholders cashed in pre-holiday gains after the benchmark index rose more than 7 percent in less than two months.
The Shanghai Composite Index slipped 1.6 percent to 2,382.91 points today and the daily turnover was 106.3 billion yuan (US$16.9 billion), 3 billion yuan more than in the last trading day before the holiday. Today's fall was led by property developers and building materials producers.
"Investors showed a strong profit-taking sentiment after the stocks rallied earlier," Soochow Securities said today.
Property developers and cement producers tumbled over concerns that the new government may tighten property control to curb inflation and real estate bubble.
Reports said that cities including Kunshan, Dongguan and Jinhua have cut this year's housing provident fund quota, meaning reduced loans for home buyers. Meanwhile, the government plans to raise initial payments and interest rates for second-home buyers to cool the housing market, The Securities Times cited unmade sources.
Poly Real Estate Group, China's second-biggest developer, fell 5.1 percent to 12.22 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co declined 4.5 percent to 11.93 yuan. Anhui Conch Cement Co, China's biggest cement supplier, slumped 7.6 percent to 19.72 yuan.
The Shanghai Composite Index slipped 1.6 percent to 2,382.91 points today and the daily turnover was 106.3 billion yuan (US$16.9 billion), 3 billion yuan more than in the last trading day before the holiday. Today's fall was led by property developers and building materials producers.
"Investors showed a strong profit-taking sentiment after the stocks rallied earlier," Soochow Securities said today.
Property developers and cement producers tumbled over concerns that the new government may tighten property control to curb inflation and real estate bubble.
Reports said that cities including Kunshan, Dongguan and Jinhua have cut this year's housing provident fund quota, meaning reduced loans for home buyers. Meanwhile, the government plans to raise initial payments and interest rates for second-home buyers to cool the housing market, The Securities Times cited unmade sources.
Poly Real Estate Group, China's second-biggest developer, fell 5.1 percent to 12.22 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co declined 4.5 percent to 11.93 yuan. Anhui Conch Cement Co, China's biggest cement supplier, slumped 7.6 percent to 19.72 yuan.
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