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Shares dip on flu and tightening property policy
By Ye Zhen |
April 8, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined for a fourth consecutive trading day as fears over bird flu outbreak weighed on the market.
The benchmark Shanghai Composite Index decreased 0.62 percent to settle at 2,211.59 points, the lowest close since December 27. Turnover was 73.7 billion yuan (US$11.9 billion) at the trading close.
"The current outbreak of avian influenza is likely to lead to a market panic in the short term and related downstream industries including tourism and catering may suffer," said Damo Investment Co.
As of Sunday, the number of people infected with the deadly H7N9 virus in China has climbed to 21, including six deaths reported, according to the National Health and Family Planning Commission.
Uncertainty over the resuming of initial public offerings also sent the market lower as the China Securities Regulatory Commission concluded the self-inspection process that required IPO applicants to submit reports on their financial status before March 31, a Guosen Securities report said today.
As of April 3, 236 companies have terminated their IPO applications since the financial check was launched, leaving the total number of companies waiting for IPO approvals to 615.
China United Travel Co Ltd slumped 3.4 percent to 3.72 yuan. China CYTS Tours Holding Co fell 3.2 percent to 13.97 yuan. Shanghai Jinjiang International Hotels Development Co lost 5.2 percent to 12.20 yuan.
Property developers languished after Beijing government raised the down-payment requirement to 70 percent for second-home buyers taking mortgages from the public housing fund.
Poly Real Estate, China's second-largest developer, shrank 2.1 percent to 11.59 yuan. Gemdale Corporation dipped 0.8 percent to 6.48 yuan. Shanghai Xinmei Real Estate Co decreased 2.5 percent to 5.06 yuan.
The benchmark Shanghai Composite Index decreased 0.62 percent to settle at 2,211.59 points, the lowest close since December 27. Turnover was 73.7 billion yuan (US$11.9 billion) at the trading close.
"The current outbreak of avian influenza is likely to lead to a market panic in the short term and related downstream industries including tourism and catering may suffer," said Damo Investment Co.
As of Sunday, the number of people infected with the deadly H7N9 virus in China has climbed to 21, including six deaths reported, according to the National Health and Family Planning Commission.
Uncertainty over the resuming of initial public offerings also sent the market lower as the China Securities Regulatory Commission concluded the self-inspection process that required IPO applicants to submit reports on their financial status before March 31, a Guosen Securities report said today.
As of April 3, 236 companies have terminated their IPO applications since the financial check was launched, leaving the total number of companies waiting for IPO approvals to 615.
China United Travel Co Ltd slumped 3.4 percent to 3.72 yuan. China CYTS Tours Holding Co fell 3.2 percent to 13.97 yuan. Shanghai Jinjiang International Hotels Development Co lost 5.2 percent to 12.20 yuan.
Property developers languished after Beijing government raised the down-payment requirement to 70 percent for second-home buyers taking mortgages from the public housing fund.
Poly Real Estate, China's second-largest developer, shrank 2.1 percent to 11.59 yuan. Gemdale Corporation dipped 0.8 percent to 6.48 yuan. Shanghai Xinmei Real Estate Co decreased 2.5 percent to 5.06 yuan.
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