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Stocks extend losing streak on housing slump
By Wu Xiaocen |
December 13, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the fourth consecutive day after data revealed a Chinese housing sales slump and rating agencies said the European Union summit provided a limited resolution to the bloc's sovereign debt crisis.
The Shanghai Composite Index fell 1.87 percent, or 42.95 points, to 2,248.59 points, the lowest since March 2009. The closing was near its 14 June, 2001, level when the benchmark index reached its highest since Shanghai's stock market opened in the early 90s.
The drop followed US and European market tumbles after Moody's Investors Service and Fitch Ratings said that last week's EU summit had failed to produce a solution to the debt crisis and boost economic growth in Europe. The warnings added to worries that China's exports will be threatened by the financial woes of its largest trade partner.
Property developers led the decliners after data showed that housing transactions in 13 cities out of 35 tracked by Soufun.com, the nation's biggest real-estate website, had plunged more than 50 percent in the past week.
Shrinkage of housing transactions has extended from China's largest cities, such as Beijing and Shanghai, to smaller cities and counties in November, the China Securities Journal said today, citing Qin Hong, director of Housing and Urban Policy Research Center.
It is generally expected that house prices will fall further in the first quarter of next year, the newspaper said.
The Shanghai Composite Index fell 1.87 percent, or 42.95 points, to 2,248.59 points, the lowest since March 2009. The closing was near its 14 June, 2001, level when the benchmark index reached its highest since Shanghai's stock market opened in the early 90s.
The drop followed US and European market tumbles after Moody's Investors Service and Fitch Ratings said that last week's EU summit had failed to produce a solution to the debt crisis and boost economic growth in Europe. The warnings added to worries that China's exports will be threatened by the financial woes of its largest trade partner.
Property developers led the decliners after data showed that housing transactions in 13 cities out of 35 tracked by Soufun.com, the nation's biggest real-estate website, had plunged more than 50 percent in the past week.
Shrinkage of housing transactions has extended from China's largest cities, such as Beijing and Shanghai, to smaller cities and counties in November, the China Securities Journal said today, citing Qin Hong, director of Housing and Urban Policy Research Center.
It is generally expected that house prices will fall further in the first quarter of next year, the newspaper said.
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