Worries cement index's loss
By Hu Xiaocen |
April 26, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell on concerns that government measures to control housing prices will continue to hurt profit of loss-making cement producers.
The Shanghai Composite Index fell 0.86 percent to 2,199.31 points yesterday, led by cement firms that slumped 3.4 percent on average.
Shaanxi Qinling Cement Group Co, which reported a loss of 39 million yuan (US$6.3 million) in the first quarter last week, shed 3.6 percent to 5.66 yuan.
Sichuan Shuangma Cement Co, which lost 8 million yuan in the same period, plunged 7.4 percent to 7.29 yuan. Anhui Conch Cement Co, China's biggest producer of the commodity, lost 3.8 percent to 17.62 yuan.
Property developers also fell after the China Securities Journal reported that Hangzhou, capital of Zhejiang Province, will soon levy a property tax under a trial which the central government may extend to more areas in the country.
Poly Real Estate Group Co, China's second-biggest listed developer, slumped 3.3 percent to 11.58 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co fell 0.9 percent to 11.32 yuan.
Northeast Securities warned in a research note yesterday that China's economic recovery was weaker than expected.
In a CITIC Securities latest poll, the average estimates of 27 institutions for China's economic growth in the second quarter stood at 8 percent. China's economy grew 7.7 percent in the first three months.
The Shanghai Composite Index fell 0.86 percent to 2,199.31 points yesterday, led by cement firms that slumped 3.4 percent on average.
Shaanxi Qinling Cement Group Co, which reported a loss of 39 million yuan (US$6.3 million) in the first quarter last week, shed 3.6 percent to 5.66 yuan.
Sichuan Shuangma Cement Co, which lost 8 million yuan in the same period, plunged 7.4 percent to 7.29 yuan. Anhui Conch Cement Co, China's biggest producer of the commodity, lost 3.8 percent to 17.62 yuan.
Property developers also fell after the China Securities Journal reported that Hangzhou, capital of Zhejiang Province, will soon levy a property tax under a trial which the central government may extend to more areas in the country.
Poly Real Estate Group Co, China's second-biggest listed developer, slumped 3.3 percent to 11.58 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co fell 0.9 percent to 11.32 yuan.
Northeast Securities warned in a research note yesterday that China's economic recovery was weaker than expected.
In a CITIC Securities latest poll, the average estimates of 27 institutions for China's economic growth in the second quarter stood at 8 percent. China's economy grew 7.7 percent in the first three months.
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