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Shares drop amid worries of more tightening on property
By Feng Jianmin |
September 8, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower as property developers trailed on worries that a rebound in home prices may incur more strict measures.
The benchmark Shanghai Composite edged down 0.47 percent, or 12.8 points, to close at 2,685.56 points. Turnover stood at 68 billion yuan (US$ 10 billion), slightly higher than yesterday morning's 69.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was almost unchanged at 1,187.62 points.
Media reports said that Beijing and Shanghai have already launched investigation on house vacancy to collect information and improve methodology for drafting future policies.
That spurred market worries that the central government may force property developers to offer discounts by restricting their fund raising activities.
Poly Real Estate Co dropped 2.88 percent to 11.79 yuan. China Vanke fell 2.28 percen to 8.58 yuan. Gemdale Corp lost 2 percent to 6.52 yuan. China Merchants Property Development Co slid 3.17 percent to 18.34 yuan.
Banks fell after the China Securities Journal reported that the China Banking Regulatory Commission may order banks to increase reserves to hedge against bad loan risks
Bank of China dipped 0.59 percent to 3.38 yuan. Industrial and Commercial Bank of China lost 1 percent to 4.09 yuan. China Merchants Bank dropped 2.1 percent to 13.55 yuan.
Gold miners led the gainers as bullion prices stood at a 3-month high on concerns of economic slowdown.
Zhongjin Gold Co rose 1.05 percent to 35.57 yuan. Shandong Gold Mining Co, China's third-largest bullion producer, gained 1.2 percent to 44.56 yuan. Zijin Ming Group Co jumped 3.7 percent to 6.72 yuan.
New energy companies gained on speculation that China may invest as much as 5 trillion yuan to develop nuclear, wind and solar power, and to upgrade traditional power generators.
Sufa Technology Industry Co, provider of equipment for nuclear power stations, jumped 3.47 percent to 25.06 yuan. Ning Xia Yin Xing Energy Co rose 3 percent to 13.74 yuan.
The benchmark Shanghai Composite edged down 0.47 percent, or 12.8 points, to close at 2,685.56 points. Turnover stood at 68 billion yuan (US$ 10 billion), slightly higher than yesterday morning's 69.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was almost unchanged at 1,187.62 points.
Media reports said that Beijing and Shanghai have already launched investigation on house vacancy to collect information and improve methodology for drafting future policies.
That spurred market worries that the central government may force property developers to offer discounts by restricting their fund raising activities.
Poly Real Estate Co dropped 2.88 percent to 11.79 yuan. China Vanke fell 2.28 percen to 8.58 yuan. Gemdale Corp lost 2 percent to 6.52 yuan. China Merchants Property Development Co slid 3.17 percent to 18.34 yuan.
Banks fell after the China Securities Journal reported that the China Banking Regulatory Commission may order banks to increase reserves to hedge against bad loan risks
Bank of China dipped 0.59 percent to 3.38 yuan. Industrial and Commercial Bank of China lost 1 percent to 4.09 yuan. China Merchants Bank dropped 2.1 percent to 13.55 yuan.
Gold miners led the gainers as bullion prices stood at a 3-month high on concerns of economic slowdown.
Zhongjin Gold Co rose 1.05 percent to 35.57 yuan. Shandong Gold Mining Co, China's third-largest bullion producer, gained 1.2 percent to 44.56 yuan. Zijin Ming Group Co jumped 3.7 percent to 6.72 yuan.
New energy companies gained on speculation that China may invest as much as 5 trillion yuan to develop nuclear, wind and solar power, and to upgrade traditional power generators.
Sufa Technology Industry Co, provider of equipment for nuclear power stations, jumped 3.47 percent to 25.06 yuan. Ning Xia Yin Xing Energy Co rose 3 percent to 13.74 yuan.
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