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Stocks erase most morning losses to close 0.3% down
By Hu Xiaocen |
December 19, 2011, Monday
|
Online Edition
Online Edition
THE Shanghai Composite Index dipped 0.3 percent in afternoon trade today on the worst home price data so far this year, and the North Korean leader's death.
The key index closed at 2,218.24 points after a rebounding from a 2.57% fall to 2,167.68 points in the morning session.
So far this year the gauge has tumbled 23 percent, and 3.9 percent last week on slowing economic growth. The market seems likely to enter its seventh straight week of losses.
Home prices further dropped in November, according to data released by the National Statistics Bureau yesterday.
China's 49 biggest cities out of 70 posted lower new home prices in November, that is more than a half of all cities being watched by the government. New home prices among the major cities slid by 0.35 percent compared to October.
In the second hand home market, 51 cities posted price drops -- revealing an even grimmer situation than in the new home market.
"The declining of home prices in the two preceding months is only the start," said Shanghai Securities Times today. "The government is unlikely to relax its property curbing policies next year."
Asian stocks fell after news about North Korean leader Kim Jong Il's death was released.
A shares were also affected by speculation over greater instability of the nation under its new leader, Kim Jong Eun, Kim Jong Il's youngest son.
"His death opens a new and potentially dangerous period of transition and instability for North Korea and northeast Asia," said the Wall Street Journal today.
The military industry outperformed the other sectors today. The aircraft building sector jumped by 4.72 percent in the afternoon.
The key index closed at 2,218.24 points after a rebounding from a 2.57% fall to 2,167.68 points in the morning session.
So far this year the gauge has tumbled 23 percent, and 3.9 percent last week on slowing economic growth. The market seems likely to enter its seventh straight week of losses.
Home prices further dropped in November, according to data released by the National Statistics Bureau yesterday.
China's 49 biggest cities out of 70 posted lower new home prices in November, that is more than a half of all cities being watched by the government. New home prices among the major cities slid by 0.35 percent compared to October.
In the second hand home market, 51 cities posted price drops -- revealing an even grimmer situation than in the new home market.
"The declining of home prices in the two preceding months is only the start," said Shanghai Securities Times today. "The government is unlikely to relax its property curbing policies next year."
Asian stocks fell after news about North Korean leader Kim Jong Il's death was released.
A shares were also affected by speculation over greater instability of the nation under its new leader, Kim Jong Eun, Kim Jong Il's youngest son.
"His death opens a new and potentially dangerous period of transition and instability for North Korea and northeast Asia," said the Wall Street Journal today.
The military industry outperformed the other sectors today. The aircraft building sector jumped by 4.72 percent in the afternoon.
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