Weak blue chips drive key index lower
By Ding Yining and Feng Jianmin |
June 11, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell nearly 1 percent yesterday, led by weak blue chips on concerns that the central government will yet tighten the property market as prices continue to surge.
The Shanghai Composite Index dipped 0.82 percent, or 21.29 points, to close at 2,562.58. Turnover fell to 80.6 billion yuan (US$11.8 billion) from 102.7 billion yuan on Wednesday.
Property prices in 70 major cities rose by a near record 12.4 percent in May from a year earlier, and 0.2 percent higher from April. Sales last month shrank 25 percent from April, the National Bureau of Statistics said.
Meanwhile, China's exports surged 48.5 percent from a year earlier to US$131.7 billion in May, the biggest gain in more than six years.
"The market may have taken the strong rebound in exports as a signal there will be follow-up policies to curb overheating of the economy," said Cao Xuefeng, an analyst at Huaxi Securities.
The Bank of China lost 2.2 percent to 3.55 yuan, the Industrial and Commercial Bank of China declined 1.43 percent to 4.14 yuan, and China Merchants Bank fell 2.69 percent to 12.68 yuan.
China State Construction Engineering Corp, the nation's largest housing contractor, shed 1.41 percent to 3.50 yuan after reporting a 10 percent rise in sales in the first five months this year from a year earlier. Poly Real Estate Co eased 2.21 percent to end at 11.05 yuan.
The Shanghai Composite Index dipped 0.82 percent, or 21.29 points, to close at 2,562.58. Turnover fell to 80.6 billion yuan (US$11.8 billion) from 102.7 billion yuan on Wednesday.
Property prices in 70 major cities rose by a near record 12.4 percent in May from a year earlier, and 0.2 percent higher from April. Sales last month shrank 25 percent from April, the National Bureau of Statistics said.
Meanwhile, China's exports surged 48.5 percent from a year earlier to US$131.7 billion in May, the biggest gain in more than six years.
"The market may have taken the strong rebound in exports as a signal there will be follow-up policies to curb overheating of the economy," said Cao Xuefeng, an analyst at Huaxi Securities.
The Bank of China lost 2.2 percent to 3.55 yuan, the Industrial and Commercial Bank of China declined 1.43 percent to 4.14 yuan, and China Merchants Bank fell 2.69 percent to 12.68 yuan.
China State Construction Engineering Corp, the nation's largest housing contractor, shed 1.41 percent to 3.50 yuan after reporting a 10 percent rise in sales in the first five months this year from a year earlier. Poly Real Estate Co eased 2.21 percent to end at 11.05 yuan.
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