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Shares fall on house price fears
By Feng Jianmin |
November 7, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in five days on worries that home prices will decrease further under the government's tightening measures.
The benchmark Shanghai Composite Index dipped 0.31 percent to 2,520.46 points. Turnover fell more than 20 percent to 45.7 billion yuan (US$7.2 billion) from last Friday morning.
Property developers led the decliners after Premier Wen Jiabao said during a visit to Russia that China would insist on its policies to reduce home prices.
"The adjusted price will be acceptable for the public, and will help the property industry to develop healthily and orderly," Wen said.
China Vanke fell 0.9 percent to 7.77 yuan. Gemdale Corp dropped 2.8 percent to 4.88 yuan.
Banks were also weak. Agricultural Bank of China lost 0.8 percent to 2.65 yuan. China Merchants Bank also went down 0.8 percent to 12.16 yuan.
Steelmakers rose after Shanghai Securities News reported that the government would soon release a five-year plan for the industry to improve industrial layout.
Baoshan Iron & Steel Co edged up 0.4 percent to 5.40 yuan. Wuhan Iron & Steel Co added 0.6 percent to 3.54 yuan.
The benchmark Shanghai Composite Index dipped 0.31 percent to 2,520.46 points. Turnover fell more than 20 percent to 45.7 billion yuan (US$7.2 billion) from last Friday morning.
Property developers led the decliners after Premier Wen Jiabao said during a visit to Russia that China would insist on its policies to reduce home prices.
"The adjusted price will be acceptable for the public, and will help the property industry to develop healthily and orderly," Wen said.
China Vanke fell 0.9 percent to 7.77 yuan. Gemdale Corp dropped 2.8 percent to 4.88 yuan.
Banks were also weak. Agricultural Bank of China lost 0.8 percent to 2.65 yuan. China Merchants Bank also went down 0.8 percent to 12.16 yuan.
Steelmakers rose after Shanghai Securities News reported that the government would soon release a five-year plan for the industry to improve industrial layout.
Baoshan Iron & Steel Co edged up 0.4 percent to 5.40 yuan. Wuhan Iron & Steel Co added 0.6 percent to 3.54 yuan.
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