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Stocks extend losses as house price data shocks investors
By Feng Jianmin |
November 18, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped for the third day, capping the largest weekly loss in a month, after data showed that home prices in more cities had fallen in October from the previous month.
The benchmark Shanghai Composite Index lost 1.89 percent to 2,416.56 points, the lowest since October 25. Turnover edged up to 70.5 billion yuan (US$11.1 billion) from yesterday's 65.9 billion yuan.
The index dropped 2.6 percent this week, the largest weekly drop since the week ending October 21.
The number of cities that had seen home prices drop was 34 in October, 17 more than in September, China's top statistics bureau said today. Home prices in another 20 cities were unchanged in October from September, it said.
Property developers led the decliners. China Vanke dropped 2.9 percent to 7.09 yuan. Poly Real Estate Co lost 3.2 percent to 4.50 yuan.
Gold miners trailed after bullion prices dropped more than 3 percent in New York yesterday. Shandong Gold Mining Co went down 3.5 percent to 37.71 yuan. Zijin Mining Co shed 2.6 percent to 4.45 yuan.
Banks were weak. Bank of China lost 1.4 percent to 2.92 yuan. Agricultural Bank of China fell 1.2 percent to 2.56 yuan.
The benchmark Shanghai Composite Index lost 1.89 percent to 2,416.56 points, the lowest since October 25. Turnover edged up to 70.5 billion yuan (US$11.1 billion) from yesterday's 65.9 billion yuan.
The index dropped 2.6 percent this week, the largest weekly drop since the week ending October 21.
The number of cities that had seen home prices drop was 34 in October, 17 more than in September, China's top statistics bureau said today. Home prices in another 20 cities were unchanged in October from September, it said.
Property developers led the decliners. China Vanke dropped 2.9 percent to 7.09 yuan. Poly Real Estate Co lost 3.2 percent to 4.50 yuan.
Gold miners trailed after bullion prices dropped more than 3 percent in New York yesterday. Shandong Gold Mining Co went down 3.5 percent to 37.71 yuan. Zijin Mining Co shed 2.6 percent to 4.45 yuan.
Banks were weak. Bank of China lost 1.4 percent to 2.92 yuan. Agricultural Bank of China fell 1.2 percent to 2.56 yuan.
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