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Tighter loans squeeze shares downward
By Joyce Pan |
January 4, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index started the new year with a slight drop led by property developers after Shanghai tightened housing loans, fueling concerns that more government measures will curb property speculation.
The benchmark Shanghai Composite Index fell 1.02 percent, or 33.38 points, to close at 3,243.76 points. Turnover shrank to 133.8 billion yuan (US$19.68 billion) from 139 billion yuan. Losers outnumbered gainers 480 to 372 while 36 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.21 percent to close at 1,198.76 points.
Shanghai-based Shimao Co retreated 2.2 percent to 16.29 yuan. Poly Real Estate Group withdrew 2.2 percent to 21.9 yuan. Gemdale Corp eased 2.7 percent to 13.51 yuan.
Shanghai has trimmed the housing loan ceiling to rein in price bubbles amid soaring home prices.
Everbright Securities Co slid 3 percent to 24.76 yuan. Haitong Securities Co tumbled 3.4 percent to 18.54 yuan. Shanghai Pudong Development Bank Co decreased 2.3 percent to 21.19 yuan. China Merchants Bank Co fell 1.9 percent to 17.71 yuan.
Bucking the downward trend, auto makers gained after the Ministry of Commerce tripled the subsidy for drivers upgrading polluting vehicles to a maximum of 18,000 yuan from 6,000 yuan. Dongfeng Automobile Co was up 0.7 percent to 6.91 yuan. SAIC Motor Corp advanced 3.2 percent to 26.96 yuan and Beiqi Foton Motor Co climbed 2.9 percent to 19.6 yuan.
The benchmark Shanghai Composite Index fell 1.02 percent, or 33.38 points, to close at 3,243.76 points. Turnover shrank to 133.8 billion yuan (US$19.68 billion) from 139 billion yuan. Losers outnumbered gainers 480 to 372 while 36 stocks remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.21 percent to close at 1,198.76 points.
Shanghai-based Shimao Co retreated 2.2 percent to 16.29 yuan. Poly Real Estate Group withdrew 2.2 percent to 21.9 yuan. Gemdale Corp eased 2.7 percent to 13.51 yuan.
Shanghai has trimmed the housing loan ceiling to rein in price bubbles amid soaring home prices.
Everbright Securities Co slid 3 percent to 24.76 yuan. Haitong Securities Co tumbled 3.4 percent to 18.54 yuan. Shanghai Pudong Development Bank Co decreased 2.3 percent to 21.19 yuan. China Merchants Bank Co fell 1.9 percent to 17.71 yuan.
Bucking the downward trend, auto makers gained after the Ministry of Commerce tripled the subsidy for drivers upgrading polluting vehicles to a maximum of 18,000 yuan from 6,000 yuan. Dongfeng Automobile Co was up 0.7 percent to 6.91 yuan. SAIC Motor Corp advanced 3.2 percent to 26.96 yuan and Beiqi Foton Motor Co climbed 2.9 percent to 19.6 yuan.
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