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Tech firms, real estate jitters drag down Shanghai shares
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SHANGHAI stocks tumbled this morning as small-cap technology firms followed the fall of their peers in the Shenzhen market while investors anticipate possible policy tightening after China reported rising home prices.
The key Shanghai Composite Index lost 1.17 percent, or 25.79 points, to 2,184.87. Turnover was 81.6 billion yuan (US$13.4 billion) by the noon break.
Medical equipment makers and IT companies slumped on cue from the Shenzhen bourse with the ChiNext, a gauge of growth enterprises on China’s Nasdaq-style board, falling 3.8 percent to 1,298.67 points, paring a gain of more than 80 percent this year.
Top Choice Medical Investment Co lost 3.9 percent to 33.70 yuan. Shinva Medical Instrument Co fell 3.8 percent to 60.72 yuan.
Dr Peng Telecom & Media Group Co shrank 4.9 percent to 18.40 yuan. Bright Oceans Inter-Telecom Corporation plunged 9.5 percent to 10.13 yuan.
Most property developers declined as Dongguan Securities said the rising home prices have fueled speculations that the central government may tighten control on the real-estate market.
Data released by the National Bureau of Statistics yesterday showed that prices of new homes rose in 65 of the 70 cities monitored in September.
Shanghai Industrial Development Co, which engages in real estate development and management, lost 5.7 percent to 8.34 yuan. Gree Real Estate Co fell by the daily limit of 10 percent to 8.21 yuan.
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