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Shares drop on weaker developers on tightening concerns
By Feng Jianmin |
August 18, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session on concerns that local governments may put forward measures to tighten property developers' liquidity.
The benchmark Shanghai Composite Index went down 0.3 percent, or 8 points, to close at 2,663.91 points. Turnover rose to 74.1 billion yuan (US$ 10.9 billion) from yesterday morning's 67.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was 0.37 percent lower to close at 1,133.93 points.
Beijing may restrict property developers' control over advance payment from sales by putting the money under inspection of China Banking Regulatory Commission, according to 21st Century Business Heralds.
China Vanke fell 1.68 percent to 8.79 yuan after the shares gained for seven consecutive days. Gemedale Corp lost 2 percent to 6.92 yuan. China Merchants Property Development Co fell 1.63 percent to 20.56 yuan.
The finance sector outperformed the market as Everbright Bank climbed 16.77 percent to 3.62 yuan on debut. China Pacific Insurance Group Co went up 1.2 percent to 24.48 yuan. Industrial and Commercial Bank of China was unchanged at 4.16 yuan. Bank of Communications added 0.32 percent to 6.34 yuan.
Gold miners gained after bullion prices hit 6-week highs against a weak US dollar. Shandong Gold Mining Co grew 21.53 percent to 42.38 yuan. Zhongjin Gold Co rose 1 percent to 35.35 yuan. Zijin Mining Group Co, China's largest gold producer, edged up 0.12 percent to 6.52 yuan.
The benchmark Shanghai Composite Index went down 0.3 percent, or 8 points, to close at 2,663.91 points. Turnover rose to 74.1 billion yuan (US$ 10.9 billion) from yesterday morning's 67.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was 0.37 percent lower to close at 1,133.93 points.
Beijing may restrict property developers' control over advance payment from sales by putting the money under inspection of China Banking Regulatory Commission, according to 21st Century Business Heralds.
China Vanke fell 1.68 percent to 8.79 yuan after the shares gained for seven consecutive days. Gemedale Corp lost 2 percent to 6.92 yuan. China Merchants Property Development Co fell 1.63 percent to 20.56 yuan.
The finance sector outperformed the market as Everbright Bank climbed 16.77 percent to 3.62 yuan on debut. China Pacific Insurance Group Co went up 1.2 percent to 24.48 yuan. Industrial and Commercial Bank of China was unchanged at 4.16 yuan. Bank of Communications added 0.32 percent to 6.34 yuan.
Gold miners gained after bullion prices hit 6-week highs against a weak US dollar. Shandong Gold Mining Co grew 21.53 percent to 42.38 yuan. Zhongjin Gold Co rose 1 percent to 35.35 yuan. Zijin Mining Group Co, China's largest gold producer, edged up 0.12 percent to 6.52 yuan.
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