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Stocks lose 0.95% ahead of PMI release
By Lu Nengneng |
February 29, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell today, snapping out of an eight-day winning streak, after the city strengthened its hardline stance on housing curbs and ahead of the release of a February manufacturing index.
The benchmark Shanghai Composite Index lost 0.95 percent to close at 2,428.49 points, which was the biggest drop since February 7. Turnover stood at 91.9 billion yuan (US$ 14.6 billion).
Buoyant investor sentiment that drove the previous six-week rally was weakened by Shanghai's reiteration yesterday that it will extend its home purchase restrictions to cool down housing market speculation.
The regulations, which prohibit some non-local residents from buying second homes in Shanghai, spooked bullish investors looking forward to more policy easing, as reported in the media.
Property developers paced the retreat in front of dimmed profit prospects. China Vanke, the nation's biggest developer, sank 2.82 percent to 8.28 yuan. Gemdale Group tumbled 3.17 percent to 5.8 yuan.
Resource heavyweights also lost as the Purchasing Managers' Index for February, a key gauge of industrial activities, is due for release tomorrow and its pre-reading, standing at 49.7, was down from 50.5 in January and below the 50 threshold for expansion.
China Shenhua Energy, the nation's largest coal producer, slumped 1.15 percent to 27.59 yuan. Aluminum Corporation of China lost 1.05 percent to 7.51 yuan. Sinopec, Asia's biggest refiner, fell 1.04 percent to 7.62 yuan.
The benchmark Shanghai Composite Index lost 0.95 percent to close at 2,428.49 points, which was the biggest drop since February 7. Turnover stood at 91.9 billion yuan (US$ 14.6 billion).
Buoyant investor sentiment that drove the previous six-week rally was weakened by Shanghai's reiteration yesterday that it will extend its home purchase restrictions to cool down housing market speculation.
The regulations, which prohibit some non-local residents from buying second homes in Shanghai, spooked bullish investors looking forward to more policy easing, as reported in the media.
Property developers paced the retreat in front of dimmed profit prospects. China Vanke, the nation's biggest developer, sank 2.82 percent to 8.28 yuan. Gemdale Group tumbled 3.17 percent to 5.8 yuan.
Resource heavyweights also lost as the Purchasing Managers' Index for February, a key gauge of industrial activities, is due for release tomorrow and its pre-reading, standing at 49.7, was down from 50.5 in January and below the 50 threshold for expansion.
China Shenhua Energy, the nation's largest coal producer, slumped 1.15 percent to 27.59 yuan. Aluminum Corporation of China lost 1.05 percent to 7.51 yuan. Sinopec, Asia's biggest refiner, fell 1.04 percent to 7.62 yuan.
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