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Shanghai stocks tumble to 41-month low
By Ye Zhen |
August 24, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell to the lowest since March 2009 today amid worries over further tightening of the real estate market and poor earnings of listed companies.
The benchmark Shanghai Composite Index lost 0.99 percent, or 20.97 points to close at 2,092.1 points. Turnover was 49.7 billion yuan (US$7.9 billion) at the trading close. The index fell 1.08 percent this week.
The government is closely monitoring changes in the real estate market and will work with concerned departments to find measures to prevent the housing market from overheating again, Xinhua News Agency reported.
Beijing has sent inspection teams to 16 major cities including Tianjin, Shanghai and Guangzhou to check the implementation of the tightening policy. The teams found some cities tried relax housing market control to stabilize local economic growth.
Most property developers lost. Shanghai Prosolar Resources Development Co fell 7.4 percent to 13.08 yuan. Shanghai Xinmei Real Estate Co slumped 8.5 percent to 6 yuan. Gemdale Corporation shed 1 percent to 4.98 yuan.
Lenders lost after Bank of China, the nation's third biggest lender, reported a 5.3 percent growth in second-quarter net profit, the slowest pace in three years. Industrial Bank Co sank 0.7 percent to 12.22 yuan. Bank Of Communications Co retreated 0.5 percent to 4.36 yuan.
PetroChina Co, China's biggest oil and gas producer, edged down 0.3 percent to 8.85 yuan after reporting a 6 percent drop in first-half net profit from a year earlier. China Petroleum and Chemical Co lost 0.8 percent to 6.02 yuan.
The benchmark Shanghai Composite Index lost 0.99 percent, or 20.97 points to close at 2,092.1 points. Turnover was 49.7 billion yuan (US$7.9 billion) at the trading close. The index fell 1.08 percent this week.
The government is closely monitoring changes in the real estate market and will work with concerned departments to find measures to prevent the housing market from overheating again, Xinhua News Agency reported.
Beijing has sent inspection teams to 16 major cities including Tianjin, Shanghai and Guangzhou to check the implementation of the tightening policy. The teams found some cities tried relax housing market control to stabilize local economic growth.
Most property developers lost. Shanghai Prosolar Resources Development Co fell 7.4 percent to 13.08 yuan. Shanghai Xinmei Real Estate Co slumped 8.5 percent to 6 yuan. Gemdale Corporation shed 1 percent to 4.98 yuan.
Lenders lost after Bank of China, the nation's third biggest lender, reported a 5.3 percent growth in second-quarter net profit, the slowest pace in three years. Industrial Bank Co sank 0.7 percent to 12.22 yuan. Bank Of Communications Co retreated 0.5 percent to 4.36 yuan.
PetroChina Co, China's biggest oil and gas producer, edged down 0.3 percent to 8.85 yuan after reporting a 6 percent drop in first-half net profit from a year earlier. China Petroleum and Chemical Co lost 0.8 percent to 6.02 yuan.
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