Stocks post biggest weekly fall in 5 months
By Winny Wang and Feng Jianmin |
April 24, 2010, Saturday
|
Print Edition
Print Edition
GROWING inflation pressure sent Shanghai stocks to their biggest weekly decline in five months yesterday after the Chinese government launched measures to curb speculation in the real estate market.
The Shanghai Composite Index dipped 0.53 percent to end at 2,983.54 points yesterday. Turnover was 138 billion yuan (US$20.2 billion).
The key index lost 4.7 percent this week, the biggest weekly decline since November, after the State Council, China's Cabinet, required higher down payments for second homes and suspended banks from financing purchases of third homes.
Property stocks were mixed, with Gemdale Co, the fourth-largest developer by market value, rising 3.09 percent to 11.68 yuan after it reported a 20-fold surge in net profit in the first quarter compared with last year. Huayuan Property Co fell 4.09 percent to 8.21 yuan.
Hisense Electric dropped 5.8 percent to 21.59 yuan, the biggest decline in three months, after profit trailed estimates.
The company's first-quarter profit increased 59 percent from a year earlier to 140 million yuan, or 0.24 yuan per share, Hisense said in a statement. Shenyin and Wanguo Securities Co said it's lower than its estimate of 0.30 yuan.
Energy shares gained after the National Development and Reform Commission said electricity, coal and fuel use surged in the first quarter.
Shanghai Datun Energy Resourses Co soared by the 10 percent daily limit to close at 22.94 yuan after announcing profit surged 87.1 percent to 291 million yuan in the first quarter from a year earlier.
China Coal Energy Co, the nation's second-largest coal producer, edged up 0.18 percent to 11.35 yuan.
The Shanghai Composite Index dipped 0.53 percent to end at 2,983.54 points yesterday. Turnover was 138 billion yuan (US$20.2 billion).
The key index lost 4.7 percent this week, the biggest weekly decline since November, after the State Council, China's Cabinet, required higher down payments for second homes and suspended banks from financing purchases of third homes.
Property stocks were mixed, with Gemdale Co, the fourth-largest developer by market value, rising 3.09 percent to 11.68 yuan after it reported a 20-fold surge in net profit in the first quarter compared with last year. Huayuan Property Co fell 4.09 percent to 8.21 yuan.
Hisense Electric dropped 5.8 percent to 21.59 yuan, the biggest decline in three months, after profit trailed estimates.
The company's first-quarter profit increased 59 percent from a year earlier to 140 million yuan, or 0.24 yuan per share, Hisense said in a statement. Shenyin and Wanguo Securities Co said it's lower than its estimate of 0.30 yuan.
Energy shares gained after the National Development and Reform Commission said electricity, coal and fuel use surged in the first quarter.
Shanghai Datun Energy Resourses Co soared by the 10 percent daily limit to close at 22.94 yuan after announcing profit surged 87.1 percent to 291 million yuan in the first quarter from a year earlier.
China Coal Energy Co, the nation's second-largest coal producer, edged up 0.18 percent to 11.35 yuan.
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