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Shares fall most in 6 days
September 19, 2011, Monday
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Online Edition
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SHANGHAI stock market posted the biggest drop in six trading days in the morning today, with blue chips leading a cross-board fall while trading volume continued to thin out.
The Shanghai Composite Index lost 1.41 percent to 2,447.38. Turnover declined to merely 26 billion yuan (US$4.07 billion).
China Coal Energy Co led the fall among coal producers after its parent was ordered to cease operations in Shanxi province following a fatal mine accident.
The unit of China's second-biggest coal producer slumped 5.84 percent to 9.03 yuan. China Shenhua Energy Co was down 2.02 percent to 25.21 yuan.
Developers also weighed down on the market in the morning session after data showed housing prices jumped across the country in August, defying the government's repeated measures to contain the rocketing prices.
China Vanke, the country's largest developer, lost 2.23 percent to 7.88 yuan. Shanghai Shimao Co skipped 3.70 percent to 13.80 yuan.
China's August new home prices for the first time this year rose in all 70 cities monitored, the statistics bureau said on its website yesterday.
Prices in Beijing advanced 1.9 percent from a year ago, while those in Shanghai, the nation's financial center, increased 2.8 percent. New home prices climbed in 67 out of 70 cities in the first half this year and were up in all but two in July.
The Shanghai Composite Index lost 1.41 percent to 2,447.38. Turnover declined to merely 26 billion yuan (US$4.07 billion).
China Coal Energy Co led the fall among coal producers after its parent was ordered to cease operations in Shanxi province following a fatal mine accident.
The unit of China's second-biggest coal producer slumped 5.84 percent to 9.03 yuan. China Shenhua Energy Co was down 2.02 percent to 25.21 yuan.
Developers also weighed down on the market in the morning session after data showed housing prices jumped across the country in August, defying the government's repeated measures to contain the rocketing prices.
China Vanke, the country's largest developer, lost 2.23 percent to 7.88 yuan. Shanghai Shimao Co skipped 3.70 percent to 13.80 yuan.
China's August new home prices for the first time this year rose in all 70 cities monitored, the statistics bureau said on its website yesterday.
Prices in Beijing advanced 1.9 percent from a year ago, while those in Shanghai, the nation's financial center, increased 2.8 percent. New home prices climbed in 67 out of 70 cities in the first half this year and were up in all but two in July.
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