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Stocks slide as cyclical shares decline
By Ye Zhen |
July 18, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI shares slid in morning trading as cyclical stocks declined, outweighing gains of small-cap media firms and IT companies.
The Shanghai Composite Index lost 0.52 percent, or 10.61 points, to 2,034.32. Turnover stood at 42.4 billion yuan (US$7 billion) by midday.
Cyclical shares, the performance of which is closely related to economic conditions, retreated amid fading expectations that the government will introduce massive stimuli to spur economic expansion.
Coal producers led the market drop after the Ministry of Finance said China is planning to raise resource taxes, which may further squeeze the sector's profit margin.
Shanxi Lu'an Environmental Energy Development Co lost 2.3 percent to 11.65 yuan. Shanxi Lanhua Sci-Tech Venture Co fell 1.9 percent to 12.35 yuan.
Property developers were mixed after data from the National Bureau of Statistics showed 63 of 70 cities monitored recorded month-on-month gains in home prices in June, down from May's 65.
Poly Real Estate, China's second largest developer, shed 0.09 percent to 11 yuan. Gemdale Corp fell 1.8 percent to 6.99 yuan. Meidu Holding Co jumped 7.1 percent to 4.37 yuan.
Media firms rose after China announced it would reduce administrative barriers for the sector. Zhe Jiang Daily Media Group Co rose 3.7 percent to 31 yuan. Shanghai Xinhua Media Co jumped 5.8 percent to 5.80 yuan.
IT firms also advanced. Fiberhome Telecommunication Technologies Co rose 3 percent to 19.39 yuan. Daheng New Epoch Technology added 4.5 percent to 8.38 yuan.
The Shanghai Composite Index lost 0.52 percent, or 10.61 points, to 2,034.32. Turnover stood at 42.4 billion yuan (US$7 billion) by midday.
Cyclical shares, the performance of which is closely related to economic conditions, retreated amid fading expectations that the government will introduce massive stimuli to spur economic expansion.
Coal producers led the market drop after the Ministry of Finance said China is planning to raise resource taxes, which may further squeeze the sector's profit margin.
Shanxi Lu'an Environmental Energy Development Co lost 2.3 percent to 11.65 yuan. Shanxi Lanhua Sci-Tech Venture Co fell 1.9 percent to 12.35 yuan.
Property developers were mixed after data from the National Bureau of Statistics showed 63 of 70 cities monitored recorded month-on-month gains in home prices in June, down from May's 65.
Poly Real Estate, China's second largest developer, shed 0.09 percent to 11 yuan. Gemdale Corp fell 1.8 percent to 6.99 yuan. Meidu Holding Co jumped 7.1 percent to 4.37 yuan.
Media firms rose after China announced it would reduce administrative barriers for the sector. Zhe Jiang Daily Media Group Co rose 3.7 percent to 31 yuan. Shanghai Xinhua Media Co jumped 5.8 percent to 5.80 yuan.
IT firms also advanced. Fiberhome Telecommunication Technologies Co rose 3 percent to 19.39 yuan. Daheng New Epoch Technology added 4.5 percent to 8.38 yuan.
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