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Stocks end nearly flat as concern rises over eurozone debt crisis
By Ye Zhen |
May 7, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks ended nearly flat today after Socialist Francois Hollande was elected as France's next president and Greek voters turned against austerity, raising concern the eurozone debt crisis may worsen.
The Shanghai Composite Index slipped 0.06 points to 2,452.01. Turnover stood at 111.4 billion yuan (US$17.7 billion) at the trading close.
Hollande, France's first Socialist President in 17 years, pledged to fight against Germany-led austerity measures.
Greece's two main pro-bailout parties lost their majority in the general election. The election results added uncertainty to the outlook of the region's debt crisis.
Insurance companies slumped in Shanghai trading. China Pacific led the drop, falling 4.0 percent to 21.65 yuan. China Life, China's largest insurance company by assets, fell 3.0 percent to 18.64 yuan. Ping An, China's second-biggest insurer, dropped 2.5 percent to 41.99 yuan.
Property developers fell on concerns housing demand will weaken after Industrial & Commercial Bank of China suspended a 15 percent discount on mortgages for first-time home buyers nationwide. Vanke, the nation's largest developer by market value, fell 1.6 percent to 9.07 yuan. Gemdale Group dropped 2.53 percent to 41.99 yuan.
The environmental protection sector advanced after the Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced they would provide incentives for green buildings. Dongjiang Environment surged the daily limit of 10 percent to 49.41 yuan. Sound Environment rose 7.37 percent to 26.52 yuan.
The Shanghai Composite Index slipped 0.06 points to 2,452.01. Turnover stood at 111.4 billion yuan (US$17.7 billion) at the trading close.
Hollande, France's first Socialist President in 17 years, pledged to fight against Germany-led austerity measures.
Greece's two main pro-bailout parties lost their majority in the general election. The election results added uncertainty to the outlook of the region's debt crisis.
Insurance companies slumped in Shanghai trading. China Pacific led the drop, falling 4.0 percent to 21.65 yuan. China Life, China's largest insurance company by assets, fell 3.0 percent to 18.64 yuan. Ping An, China's second-biggest insurer, dropped 2.5 percent to 41.99 yuan.
Property developers fell on concerns housing demand will weaken after Industrial & Commercial Bank of China suspended a 15 percent discount on mortgages for first-time home buyers nationwide. Vanke, the nation's largest developer by market value, fell 1.6 percent to 9.07 yuan. Gemdale Group dropped 2.53 percent to 41.99 yuan.
The environmental protection sector advanced after the Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced they would provide incentives for green buildings. Dongjiang Environment surged the daily limit of 10 percent to 49.41 yuan. Sound Environment rose 7.37 percent to 26.52 yuan.
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