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Stocks volatile on property restrictions pledge
By Ye Zhen |
July 18, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks swung between gains and losses this morning after the government pledged to carry forward restrictive measures in the real estate market as data showed home prices rebounded in June.
The key Shanghai Composite Index edged up 0.03 percent to 2,161.77 points and turnover stood at 28.4 billion yuan (US$4.5 billion) by the noon break.
Excluding government-funded affordable housing, home prices in June rose from a month earlier in 25 of 70 cities, while prices in 24 cities remained unchanged, the National Bureau of Statistics said today. That compared with six out of 70 cities in May that saw home prices increasing.
More cities saw a month-on-month increase due to the lower borrowing rate, improving demand and the developers' move to withdrawal discounts or even raise prices on improved sales, National Bureau of Statistics official Ma Xiaoming said today. The government will carry forward restrictive measures in the property market and make it a long term policy to curb speculation activities, he added.
Gemdale Corporation paced losses among property developers, dropping 7.4 percent to 6.17 yuan. China Vanke, the nation's biggest developer, lost 3.6 percent to 9.45 yuan. Poly Real Estate, the second largest developer, retreated 4.7 percent to 11.80 yuan.
Cement producers posted a weak run. Anhui Conch Cement Co, the biggest Chinese cement producer, sank 1.4 percent to 14.94 yuan. Zhejiang Jianfeng Group Co, a company that operates in building materials, primarily the cement industry, shed 0.3 percent to 11.20 yuan. Gansu Qilianshan Cement Group Co dived 4.3 percent to 10.53 yuan.
Oil-related stocks were bullish in the morning session. China Oilfield Services Limited rose 2.6 percent to 17.74 yuan. Offshore Oil Engineering Co added 1.7 percent to 6.12 yuan. China Petroleum and Chemical Co, the nation's largest oil refiner, edged up 0.2 percent to 5.95 yuan. PetroChina Co, the second biggest player, gained 0.3 percent to 8.95 yuan.
The key Shanghai Composite Index edged up 0.03 percent to 2,161.77 points and turnover stood at 28.4 billion yuan (US$4.5 billion) by the noon break.
Excluding government-funded affordable housing, home prices in June rose from a month earlier in 25 of 70 cities, while prices in 24 cities remained unchanged, the National Bureau of Statistics said today. That compared with six out of 70 cities in May that saw home prices increasing.
More cities saw a month-on-month increase due to the lower borrowing rate, improving demand and the developers' move to withdrawal discounts or even raise prices on improved sales, National Bureau of Statistics official Ma Xiaoming said today. The government will carry forward restrictive measures in the property market and make it a long term policy to curb speculation activities, he added.
Gemdale Corporation paced losses among property developers, dropping 7.4 percent to 6.17 yuan. China Vanke, the nation's biggest developer, lost 3.6 percent to 9.45 yuan. Poly Real Estate, the second largest developer, retreated 4.7 percent to 11.80 yuan.
Cement producers posted a weak run. Anhui Conch Cement Co, the biggest Chinese cement producer, sank 1.4 percent to 14.94 yuan. Zhejiang Jianfeng Group Co, a company that operates in building materials, primarily the cement industry, shed 0.3 percent to 11.20 yuan. Gansu Qilianshan Cement Group Co dived 4.3 percent to 10.53 yuan.
Oil-related stocks were bullish in the morning session. China Oilfield Services Limited rose 2.6 percent to 17.74 yuan. Offshore Oil Engineering Co added 1.7 percent to 6.12 yuan. China Petroleum and Chemical Co, the nation's largest oil refiner, edged up 0.2 percent to 5.95 yuan. PetroChina Co, the second biggest player, gained 0.3 percent to 8.95 yuan.
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