Shares fall as investors switch to homes
Print Edition
SHANGHAI shares fell yesterday as investors switched from equities to real estate while the recently ended G20 meeting in the city didn’t inspire confidence as it lacked fresh moves to revive the global economy.
The Shanghai Composite Index shed 2.86 percent to close at 2,687.98 points. The index fell 1.8 percent in February, extending January’s 23 percent plunge.
Industrial and technology companies led the loss. Inspur Technologies Co fell by the 10 percent daily limit to 26.35 yuan (US$4.02) while China Shipbuilding Industry Co lost 4.58 percent to 5.83 yuan.
Investors rushed to buy real estate in first-tier cities like Shanghai over the weekend as they believed property prices would continue to rise.
Prices in Shanghai have risen 18 percent over the past year, official data showed last week.
Meanwhile, investors also found nothing to celebrate from the G20 meeting of finance ministers and central bank governors held in Shanghai over the weekend.
“The global economies have coordinated multilateral talks but haven’t coordinated on coherent economic policies, so this G20 meeting has no highlights,” said Xie Dongming, economist at OCBC Bank.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
