Stocks fall despite news of measures for economy
Print Edition
SHANGHAI stocks yesterday fell for the first time in three days as property developers and coal miners declined despite the central government’s decision to roll out measures to bolster economic growth.
The Shanghai Composite Index lost 0.74 percent to 2,043.7 points.
“We’re cautious about market performance in the second quarter because of tight liquidity and a flagging economy,” BOC International (China) Ltd said in a note.
The brokerage expected a sharp fall in first-quarter profits of non-financial companies as recent data on industrial output, fixed-asset investment and retail sales all showed the economy was slowing.
The market fell even after the State Council unveiled stimulus measures late on Wednesday after a meeting chaired by Premier Li Keqiang. The measures include spending on urbanization and railway building as well as preferential taxes for small firms.
Property developers fell the most after surging recently on talk the government may relax curbs on home buying. China Fortune Land Co dropped 1.9 percent to 30.44 yuan (US$4.90). Beijing Vantone Real Estate Co tumbled 9.2 percent to 3.66 yuan.
Coal miners also fell, with China Coal Energy Co losing 3.4 percent to 4.25 yuan. Shanxi Lu’an Environmental Energy Development Co slid 1.1 percent to 8.01 yuan.
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