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Stocks decline as government reiterates tough stance on property market
By Ye Zhen |
June 6, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning after the government reaffirmed its commitment to property market restrictions, damping speculation the nation may ease tough real estate policies to support economic growth.
The benchmark Shanghai Composite Index lost 0.24 percent, or 5.55 points to 2,306.37 points. Turnover stood at 29.7 billion yuan (US$4.7 billion) in the morning session.
The government will stick to its stance of curbing speculative property demand and continue to impose measures designed to cool the property market, including the differentiated credit policy, property tax policy and purchase restriction policy, the Ministry of Housing and Urban-Rural Development said on its website today.
Property developers retreated on the statement. China Vanke, the nation's biggest developer, shed 0.9 percent to 9.03 yuan. Poly Real Estate, the second largest developer, lost 1.3 percent to 13.34. Gemdale Corporation fell 0.9 percent to 6.74 yuan.
Oil companies lost on speculation the government may cut crude prices on June 8 by as much as 8 percent. PetroChina Co, the nation's second biggest oil refiner, shed 0.3 percent to 9.30 yuan. China Oilfield Services Limited lost 0.5 percent to 16.80 yuan.
Ship manufacturers gained against the falling index. China CSSC Holdings Limited, a company primary engaged in ship building, jumped 3.4 percent to 31.06 yuan. CSSC Jiangnan Heavy Industry Co rose 1 percent to 17.33 yuan.
The benchmark Shanghai Composite Index lost 0.24 percent, or 5.55 points to 2,306.37 points. Turnover stood at 29.7 billion yuan (US$4.7 billion) in the morning session.
The government will stick to its stance of curbing speculative property demand and continue to impose measures designed to cool the property market, including the differentiated credit policy, property tax policy and purchase restriction policy, the Ministry of Housing and Urban-Rural Development said on its website today.
Property developers retreated on the statement. China Vanke, the nation's biggest developer, shed 0.9 percent to 9.03 yuan. Poly Real Estate, the second largest developer, lost 1.3 percent to 13.34. Gemdale Corporation fell 0.9 percent to 6.74 yuan.
Oil companies lost on speculation the government may cut crude prices on June 8 by as much as 8 percent. PetroChina Co, the nation's second biggest oil refiner, shed 0.3 percent to 9.30 yuan. China Oilfield Services Limited lost 0.5 percent to 16.80 yuan.
Ship manufacturers gained against the falling index. China CSSC Holdings Limited, a company primary engaged in ship building, jumped 3.4 percent to 31.06 yuan. CSSC Jiangnan Heavy Industry Co rose 1 percent to 17.33 yuan.
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