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Stocks slide at midday as home prices fall
By Hu Xiaocen |
May 3, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning as home prices fell for the eighth straight month and investors grew concerned that new measures meant to boost the capital market will have a limited impact.
The Shanghai Composite Index shed 0.37 percent, or 8.94 points to 2,429.49. Turnover stood at 57 billion yuan (US$9 billion) by the noon break.
Property developers and cement producers tumbled in the morning session after China Index Academy's market research said house prices continued to fall in April by an average of 0.34 percent month-on-month to 8,711 yuan per square meter in 100 major cities across the country.
China Vanke Co, the nation's biggest developer slumped 3 percent to 8.94 yuan. Poly Real Estate Group Co, the second-biggest developer, retreated 2.5 percent to 12.67 yuan. Gree Real Estate Co shed 1.4 percent to 6.48 yuan.
China's biggest cement producer, Anhui Conch Cement Co, slumped 2.5 percent to 17.26 yuan. Huaxin Cement Co dived 3.3 percent to 15.17 yuan, while Fujian Cement lost 2.1 percent to 8.09 yuan.
Market sentiment was lifted by recent new measures introduced by the securities regulator. The key index jumped the most in two weeks to a seven-week high yesterday. However some analysts said the new measures could have only a limited impact.
"The reform measures will promote the stock market to be more standardized and mature," said Li Xunlei, chief economist with Guotai Jun'an Securities, yesterday. "But the stock market is a barometer of the economy, whose growth momentum depends on the macro economy and the performance of listed companies."
China's four biggest banks, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, provided 260 billion yuan in new loans last month, 21st Century Business Herald reported today.
Lenders fell across the board in the morning session. ICBC shed 1.1 percent to 4.36 yuan. CCB lost 0.6 percent to 4.74 yuan. ABC edged down 0.4 percent to 2.72 yuan, and BOC slid 0.3 percent to 3.06 yuan.
The Shanghai Composite Index shed 0.37 percent, or 8.94 points to 2,429.49. Turnover stood at 57 billion yuan (US$9 billion) by the noon break.
Property developers and cement producers tumbled in the morning session after China Index Academy's market research said house prices continued to fall in April by an average of 0.34 percent month-on-month to 8,711 yuan per square meter in 100 major cities across the country.
China Vanke Co, the nation's biggest developer slumped 3 percent to 8.94 yuan. Poly Real Estate Group Co, the second-biggest developer, retreated 2.5 percent to 12.67 yuan. Gree Real Estate Co shed 1.4 percent to 6.48 yuan.
China's biggest cement producer, Anhui Conch Cement Co, slumped 2.5 percent to 17.26 yuan. Huaxin Cement Co dived 3.3 percent to 15.17 yuan, while Fujian Cement lost 2.1 percent to 8.09 yuan.
Market sentiment was lifted by recent new measures introduced by the securities regulator. The key index jumped the most in two weeks to a seven-week high yesterday. However some analysts said the new measures could have only a limited impact.
"The reform measures will promote the stock market to be more standardized and mature," said Li Xunlei, chief economist with Guotai Jun'an Securities, yesterday. "But the stock market is a barometer of the economy, whose growth momentum depends on the macro economy and the performance of listed companies."
China's four biggest banks, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, provided 260 billion yuan in new loans last month, 21st Century Business Herald reported today.
Lenders fell across the board in the morning session. ICBC shed 1.1 percent to 4.36 yuan. CCB lost 0.6 percent to 4.74 yuan. ABC edged down 0.4 percent to 2.72 yuan, and BOC slid 0.3 percent to 3.06 yuan.
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