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Stocks continue slide on gloomy economic outlook
By Lu Nengneng |
December 5, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today, extending last week's retreat, as investor sentiment weakened on the government's hard-line measures to cool down the property industry which may further slow down the economy.
The Shanghai Composite Index sank 1.16 percent to 2333.23 points, a gloomy opening to the week after four straight weeks of losses for the index.
Turnover shrank to 48.6 billion yuan (US$ 7.66 billion) from last Friday's 57.3 billion yuan.
The Ministry of Housing and Urban-Rural Development said last Saturday it would reinforce its commitment to bring down inflating real estate prices through extending restrictions on the number of homes each person is allowed to purchase.
The announcement dispelled the speculation that the central government may fine-tune the policies after they expire in 12 of the 48 involved cities within months.
Property developers led the plunge as purchase restrictions paint a gloomy outlook of their already draining cash flows. China Vanke, China's largest listed developer sank 1.22 percent to 7.29 yuan. China Merchants Property Development slumped 1.01 percent to 16.71 yuan.
Building material producers and home appliance makers and retailers also slumped as decreasing house purchases could damp demand for their products.
Anhui Conch Cement shed 2.37 percent to 16.45 yuan. Hebei Iron & Steel declined 2 percent to 3.43 yuan. Qingdao Haier, the biggest domestic electrical appliance maker, lost 1.27 percent to 8.55 yuan. Suning Appliance dropped 4.48 percent to 8.52 yuan.
Financials soared as the reserve-requirement ratio cut ordered by the central bank took effect today. The injected liquidity is expected to cushion falling housing prices to avoid a collapse of the financial system.
China Construction Bank jumped 1.68 percent to 4.83 yuan. Industrial and Commercial Bank of China, the biggest bank in the country, added 0.71 percent to 4.28 yuan.
The Shanghai Composite Index sank 1.16 percent to 2333.23 points, a gloomy opening to the week after four straight weeks of losses for the index.
Turnover shrank to 48.6 billion yuan (US$ 7.66 billion) from last Friday's 57.3 billion yuan.
The Ministry of Housing and Urban-Rural Development said last Saturday it would reinforce its commitment to bring down inflating real estate prices through extending restrictions on the number of homes each person is allowed to purchase.
The announcement dispelled the speculation that the central government may fine-tune the policies after they expire in 12 of the 48 involved cities within months.
Property developers led the plunge as purchase restrictions paint a gloomy outlook of their already draining cash flows. China Vanke, China's largest listed developer sank 1.22 percent to 7.29 yuan. China Merchants Property Development slumped 1.01 percent to 16.71 yuan.
Building material producers and home appliance makers and retailers also slumped as decreasing house purchases could damp demand for their products.
Anhui Conch Cement shed 2.37 percent to 16.45 yuan. Hebei Iron & Steel declined 2 percent to 3.43 yuan. Qingdao Haier, the biggest domestic electrical appliance maker, lost 1.27 percent to 8.55 yuan. Suning Appliance dropped 4.48 percent to 8.52 yuan.
Financials soared as the reserve-requirement ratio cut ordered by the central bank took effect today. The injected liquidity is expected to cushion falling housing prices to avoid a collapse of the financial system.
China Construction Bank jumped 1.68 percent to 4.83 yuan. Industrial and Commercial Bank of China, the biggest bank in the country, added 0.71 percent to 4.28 yuan.
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