Stocks slide on concerns of property slowdown
Print Edition
SHANGHAI stocks fell yesterday due to weakness in the property sector, amid growing concerns of a slowdown in the nation’s real estate market.
The benchmark Shanghai Composite Index lost 0.5 percent to 2,055.52 points.
Among the day’s losers were Shanghai Waigaoqiao Free Trade Zone Development, which dropped 2.7 percent to 27.06 yuan (US$4.34), and Shanghai Lujiazui Finance and Trade Zone Development Co, which shed 1.9 percent to 15.86 yuan.
There were increased signs of cooling in the property market in May, as new home prices fell in 35 of the 70 major cities monitored by the National Bureau of Statistics. In April, the number was just eight.
China Life Insurance, the country’s biggest life insurer, also contributed to the day’s decline.
Its shares plunged 9 percent in early trade, though quickly rebounded. Trading returned to normal later in the day before the stock closed down 1.3 percent at 14.07 yuan.
In the absence of any negative reports about the firm, analysts assumed the huge swing was the result of a system error.
China Life offered no explanation for the unusual activity, while the China Securities Regulatory Commission made no reference to the incident.
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