Shares end lower on sell-off
Print Edition
SHANGHAI shares extended last month’s rout by ending lower yesterday as investors locked in profits.
The Shanghai Composite Index lost 0.38 percent to end at 2,739.25 points, sending this year’s loss to 23 percent so far.
Energy companies fell, with China Coal Energy Co slipping 1.71 percent to 4.6 yuan (70 US cents), and PetroChina, the country’s biggest oil producer, losing 1.37 percent to 7.22 yuan.
But property shares were lifted by the central government’s measures to reduce again downpayment for housing on Tuesday. The shares narrowed the loss from as much as 1.9 percent in the last hour of trading yesterday.
Poly Real Estate Group Co added 1.11 percent to 9.14 percent, while Gree Real Estate Co gained 2.48 percent to 17.39 yuan.
But analysts say continued easing to prop up China’s property prices would do little to spur new property investment.
Hong Hao, chief strategist at BoCom International, said China will continue easing measures to resuscitate the property market, while also imposing some form of capital control to minimize yuan depreciation pressured by the easing stance.
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