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Stocks drop as city reiterates housing curbs
By Lu Nengneng |
February 29, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell in the morning session after the local government strengthened its hardline stance on housing inflation curbs.
The benchmark Shanghai Composite Index eased from yesterday's three-month high, dropping 0.59 percent to 2,437.35 points. Turnover stood at 51.8 billion yuan (US$ 8.2 billion).
Gui Haoming, chief analyst at Shenyin & Wanguo Securities, said the market has entered a stage of consolidation, which is an indispensable part of the advance.
But bullish investors may have started to see the six-week rally as overdone after Shanghai reiterated its home purchase restrictions yesterday and dispelled speculation of its policy fine-tuning, as reported in the media.
Property developers fell amid worries over its future cash flow. China Vanke, the nation's biggest developer, slumped 2.46 percent to 8.31 yuan. Poly Real Estate sank 2.7 percent to 11.17 yuan.
Banks also lost because of their risk exposure to dropping housing prices. China CITIC Bank lost 1.09 percent to 4.53 yuan. Bank of Communications shed 0.99 percent to 5.02 yuan.
The benchmark Shanghai Composite Index eased from yesterday's three-month high, dropping 0.59 percent to 2,437.35 points. Turnover stood at 51.8 billion yuan (US$ 8.2 billion).
Gui Haoming, chief analyst at Shenyin & Wanguo Securities, said the market has entered a stage of consolidation, which is an indispensable part of the advance.
But bullish investors may have started to see the six-week rally as overdone after Shanghai reiterated its home purchase restrictions yesterday and dispelled speculation of its policy fine-tuning, as reported in the media.
Property developers fell amid worries over its future cash flow. China Vanke, the nation's biggest developer, slumped 2.46 percent to 8.31 yuan. Poly Real Estate sank 2.7 percent to 11.17 yuan.
Banks also lost because of their risk exposure to dropping housing prices. China CITIC Bank lost 1.09 percent to 4.53 yuan. Bank of Communications shed 0.99 percent to 5.02 yuan.
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