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Shares drop 1.68% over concerns about financial reform
By Ye Zhen |
March 18, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in 10 days as concern mounted about the continuity of financial reforms after Xiao Gang resigned as chairman of the Bank of China and was named chairman of the China Securities Regulatory Commission.
The benchmark Shanghai Composite Index fell 1.68 percent, the biggest decline since March 5, to settle at 2,240.02 points. Daily turnover was 81.5 billion yuan (US$13.1 billion).
Xiao Gang succeeded Guo Shuqing at the regulatory commission, Shanghai Securities News reported yesterday.
"The leadership change dented market confidence as investors doubt the new leadership's commitment to financial reforms," said Gong Dejun, an analyst with Galaxy Securities.
Distilleries led the market down on concern demand for high-end liquors will be further dampened after Premier Li Keqiang vowed to rein in government spending on elaborate banquets.
Kweichow Moutai Co, a producer of high-end liquor in China, dropped 4.2 percent to 169.45 yuan. Sichuan Tuopai Shede Wine Co slumped 6.8 percent to 20.81 yuan. Shanxi Xinghuacun Fen Wine Factory Co slid 6 percent to 36.57 yuan.
Property developers were mixed after data showed home prices rose in more cities last month. Poly Real Estate added 1 percent to 10.76 yuan. Gemdale Corporation gained 0.8 percent to 6.05 yuan. Shanghai Prosolar Resources Development Co slumped the daily limit of 10 percent to 11.39 yuan.
Excluding government-funded affordable housing, new home prices in February rose in 66 of the 70 cities monitored by the government, compared with 53 in January, the National Bureau of Statistics said today. Only one city saw prices drop while the other three were flat last month, the bureau said.
The benchmark Shanghai Composite Index fell 1.68 percent, the biggest decline since March 5, to settle at 2,240.02 points. Daily turnover was 81.5 billion yuan (US$13.1 billion).
Xiao Gang succeeded Guo Shuqing at the regulatory commission, Shanghai Securities News reported yesterday.
"The leadership change dented market confidence as investors doubt the new leadership's commitment to financial reforms," said Gong Dejun, an analyst with Galaxy Securities.
Distilleries led the market down on concern demand for high-end liquors will be further dampened after Premier Li Keqiang vowed to rein in government spending on elaborate banquets.
Kweichow Moutai Co, a producer of high-end liquor in China, dropped 4.2 percent to 169.45 yuan. Sichuan Tuopai Shede Wine Co slumped 6.8 percent to 20.81 yuan. Shanxi Xinghuacun Fen Wine Factory Co slid 6 percent to 36.57 yuan.
Property developers were mixed after data showed home prices rose in more cities last month. Poly Real Estate added 1 percent to 10.76 yuan. Gemdale Corporation gained 0.8 percent to 6.05 yuan. Shanghai Prosolar Resources Development Co slumped the daily limit of 10 percent to 11.39 yuan.
Excluding government-funded affordable housing, new home prices in February rose in 66 of the 70 cities monitored by the government, compared with 53 in January, the National Bureau of Statistics said today. Only one city saw prices drop while the other three were flat last month, the bureau said.
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