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Stocks lowest level in 6 months
By Ding Yining and Feng Jianmin |
April 27, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell to the lowest level in six months with lackluster performance of financial and consumer shares amid concerns that more follow-up measures to cool the property market will curb raw material demand.
The country's first-quarter GDP suggested the economy was overheated, and property investment was the main contributor, a note by Shenyin & Wanguo Securities said.
The benchmark Shanghai Composite Index dropped 2.07 percent, or 61.57 points, to close at 2,907.93 points. Turnover was 133.4 billion yuan (US$19.5 billion). Losers outnumbered gainers 814 to 123 and 165 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, retreated 2.43 percent to close at 1,168.56 points.
Ping An Insurance (Group) Co lost 2.07 percent to 49.64 yuan. China Pacific Insurance (Group) Co Ltd dropped 3.48 percent to 24.94 yuan.
Banks were also weak. Bank of Communications lost 1.96 percent to 6.99 yuan. Shanghai Pudong Development Bank eased 1.71 percent to 20.11 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 1.55 percent to 4.46 yuan.
Wuhan Iron & Steel, the country's second largest steel maker dropped 3.63 percent to 5.57 yuan after it reported a 9.7 percent year-on-year increase in first-quarter profit to 288 million yuan. Baoshan Iron & Steel shed 2.89 percent to 6.38 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, dropped 2.59 percent to 6.77 yuan. Beijing Wangfujing Department Store Group Co dipped 0.06 percent to 35.57 yuan.
China may use capital requirements for developers as a policy tool to cool the property market, Ba Shusong, deputy directory general of the State Council's Development Research Center, was quoted as saying by the Shanghai Securities News.
China Vanke Co said first-quarter profit increased 46.5 percent year-on-year to 1.13 billion yuan but sales were down 8 percent to 7.5 billion yuan. The stock was down 1.28 percent to 7.70 yuan. COFCO Property Group Co retreated 1.38 percent to 7.84 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co was down 1.18 percent to 15.10 yuan.
Metal producers also dragged down the index. Zijin Gold Mining Co lost 1.34 percent to 8.11 yuan. Jiangxi Copper dropped 2.28 percent to 34.31 yuan. Shandong Gold Mining Co sank 2.68 percent to 74.71 yuan.
Metal, electrical, agricultural and chemical industries have outperformed tourism, finance and pharmaceutical industries, according to the companies' quarterly reports, said analysts from Bohai Securities.
The country's first-quarter GDP suggested the economy was overheated, and property investment was the main contributor, a note by Shenyin & Wanguo Securities said.
The benchmark Shanghai Composite Index dropped 2.07 percent, or 61.57 points, to close at 2,907.93 points. Turnover was 133.4 billion yuan (US$19.5 billion). Losers outnumbered gainers 814 to 123 and 165 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, retreated 2.43 percent to close at 1,168.56 points.
Ping An Insurance (Group) Co lost 2.07 percent to 49.64 yuan. China Pacific Insurance (Group) Co Ltd dropped 3.48 percent to 24.94 yuan.
Banks were also weak. Bank of Communications lost 1.96 percent to 6.99 yuan. Shanghai Pudong Development Bank eased 1.71 percent to 20.11 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dipped 1.55 percent to 4.46 yuan.
Wuhan Iron & Steel, the country's second largest steel maker dropped 3.63 percent to 5.57 yuan after it reported a 9.7 percent year-on-year increase in first-quarter profit to 288 million yuan. Baoshan Iron & Steel shed 2.89 percent to 6.38 yuan.
Huaneng Power International, a unit of the country's largest electricity generator, dropped 2.59 percent to 6.77 yuan. Beijing Wangfujing Department Store Group Co dipped 0.06 percent to 35.57 yuan.
China may use capital requirements for developers as a policy tool to cool the property market, Ba Shusong, deputy directory general of the State Council's Development Research Center, was quoted as saying by the Shanghai Securities News.
China Vanke Co said first-quarter profit increased 46.5 percent year-on-year to 1.13 billion yuan but sales were down 8 percent to 7.5 billion yuan. The stock was down 1.28 percent to 7.70 yuan. COFCO Property Group Co retreated 1.38 percent to 7.84 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co was down 1.18 percent to 15.10 yuan.
Metal producers also dragged down the index. Zijin Gold Mining Co lost 1.34 percent to 8.11 yuan. Jiangxi Copper dropped 2.28 percent to 34.31 yuan. Shandong Gold Mining Co sank 2.68 percent to 74.71 yuan.
Metal, electrical, agricultural and chemical industries have outperformed tourism, finance and pharmaceutical industries, according to the companies' quarterly reports, said analysts from Bohai Securities.
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