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Stocks disappoint after holiday week
By Lydia Chen |
October 10, 2011, Monday
|
Online Edition
Online Edition
THE Shanghai stock market disappointed in the morning session today, after a week-long holiday, as the central bank stated the country would stick to prudent monetary policies.
The Shanghai Composite Index lost 0.23 percent to 2,353.68. Turnover was merely 22.7 billion yuan (US$3.57 billion) in the morning trading.
Developers were one of the biggest drag factors this morning after Chinese central bank adviser Zhou Qiren said the country should maintain a prudent monetary policy, the Beijing Morning Post reported today. Zhou explained that a better development environment for small companies could only exist if inflation was thoroughly curbed.
China Vanke Co, the nation's largest developer, dropped 2.35 percent to 7.07 yuan. Poly Real Estate Group Co, the second biggest, fell 1.84 percent to 9.08 yuan.
China's housing market registered a sloppy performance during the National Day holiday, a traditionally peak sales season. Official statistics showed 1,039 housing units were sold in Beijing during the holiday, 23 percent less than during the same period last year, according to Xinhua news agency.
The Shanghai Composite Index lost 0.23 percent to 2,353.68. Turnover was merely 22.7 billion yuan (US$3.57 billion) in the morning trading.
Developers were one of the biggest drag factors this morning after Chinese central bank adviser Zhou Qiren said the country should maintain a prudent monetary policy, the Beijing Morning Post reported today. Zhou explained that a better development environment for small companies could only exist if inflation was thoroughly curbed.
China Vanke Co, the nation's largest developer, dropped 2.35 percent to 7.07 yuan. Poly Real Estate Group Co, the second biggest, fell 1.84 percent to 9.08 yuan.
China's housing market registered a sloppy performance during the National Day holiday, a traditionally peak sales season. Official statistics showed 1,039 housing units were sold in Beijing during the holiday, 23 percent less than during the same period last year, according to Xinhua news agency.
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