Stocks drop 1.64% to 13-month low
By Ding Yining |
June 8, 2010, Tuesday
|
Print Edition
Print Edition
THE Shanghai Composite Index lost 1.64 percent, or 41.86 points, to close at 2,511.73, the lowest since April 30, 2009. Turnover totaled 70.2 billion yuan (US$10.3 billion).
The banking sector was generally flat after the Agricultural Bank of China announced its huge initial public offering plan, viewed as the world's biggest IPO. The country's biggest lender by customers said last Friday it may sell 22.24 billion yuan-backed A shares in Shanghai and 25.41 billion shares in Hong Kong.
The Bank of Communications also has plans to raise 33.07 billion yuan in a rights issue this month. The stock tumbled 3.29 percent to 6.18 yuan. China Construction Bank lost 2.67 percent to 4.73 yuan, and the Bank of China dived 2.47 percent to 3.55 yuan.
China will account for the home ownership of each family, not each person, when classifying second-home purchases, according to a statement last Friday by the Ministry of Housing and Urban-Rural Development.
Poly Real Estate Group tumbled 2.57 percent to 10.63 yuan and Gemdale Corp shed 0.76 percent to 6.54 yuan.
"Investor confidence is still weak as they fear the government may unveil follow-up measures in the property market and the flat performance of blue chips is not likely to support a strong rebound in the near future," GF Securities said.
Metal companies and oil producers also fell on lower commodity prices. PetroChina, the country's biggest oil producer, fell 2.17 percent to 10.38 yuan. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, tumbled 2.38 percent to 8.20 yuan.
Jiangxi Copper sank 3.2 percent to 27.49 yuan and Zhongjin Gold Mining Co dipped 0.78 percent to close at 56.93 yuan.
The banking sector was generally flat after the Agricultural Bank of China announced its huge initial public offering plan, viewed as the world's biggest IPO. The country's biggest lender by customers said last Friday it may sell 22.24 billion yuan-backed A shares in Shanghai and 25.41 billion shares in Hong Kong.
The Bank of Communications also has plans to raise 33.07 billion yuan in a rights issue this month. The stock tumbled 3.29 percent to 6.18 yuan. China Construction Bank lost 2.67 percent to 4.73 yuan, and the Bank of China dived 2.47 percent to 3.55 yuan.
China will account for the home ownership of each family, not each person, when classifying second-home purchases, according to a statement last Friday by the Ministry of Housing and Urban-Rural Development.
Poly Real Estate Group tumbled 2.57 percent to 10.63 yuan and Gemdale Corp shed 0.76 percent to 6.54 yuan.
"Investor confidence is still weak as they fear the government may unveil follow-up measures in the property market and the flat performance of blue chips is not likely to support a strong rebound in the near future," GF Securities said.
Metal companies and oil producers also fell on lower commodity prices. PetroChina, the country's biggest oil producer, fell 2.17 percent to 10.38 yuan. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, tumbled 2.38 percent to 8.20 yuan.
Jiangxi Copper sank 3.2 percent to 27.49 yuan and Zhongjin Gold Mining Co dipped 0.78 percent to close at 56.93 yuan.
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