key index dips for 1st time in 3 days
By Lydia Chen |
May 20, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI'S stocks yesterday edged down for the first time in three days as construction material firms and real estate developers plunged over concerns that further tightening measures may be afoot after home prices continued upwards.
The Shanghai Composite Index lost 0.5 percent to close at 2,859.57 yuan.
"The market is more likely to seesaw between 2,700 and 2,800 in the near term," said Zhang Min, an analyst at Galaxy Securities Co. "This might see the market hitting the bottom."
Cement makers and property developers were the biggest decliners after China said home prices in most cities climbed in April, sparking concerns among investors that further tightening moves may be in the pipeline.
Xinjiang Qingsong Building Materials and Chemicals Group lost 3.7 percent to 23.40 yuan. Shanghai Shimao Co shed 2.7 percent to 14.63 yuan.
Han Qicheng, an analyst at Guotai Junan Securities Co, said prices of cement makers may fall to the lowest in July over an expected power shortage in the summer in China.
However, experts expect a rebound after July when inflation may fall from its annual peak while demand for construction materials starts to rise due to a massive construction of affordable houses and irrigation projects.
China's consumer price index may rise to a high of 6 percent in June, Ma Jun, economist at Deutsche Bank, told Phoenix TV.
The Shanghai Composite Index lost 0.5 percent to close at 2,859.57 yuan.
"The market is more likely to seesaw between 2,700 and 2,800 in the near term," said Zhang Min, an analyst at Galaxy Securities Co. "This might see the market hitting the bottom."
Cement makers and property developers were the biggest decliners after China said home prices in most cities climbed in April, sparking concerns among investors that further tightening moves may be in the pipeline.
Xinjiang Qingsong Building Materials and Chemicals Group lost 3.7 percent to 23.40 yuan. Shanghai Shimao Co shed 2.7 percent to 14.63 yuan.
Han Qicheng, an analyst at Guotai Junan Securities Co, said prices of cement makers may fall to the lowest in July over an expected power shortage in the summer in China.
However, experts expect a rebound after July when inflation may fall from its annual peak while demand for construction materials starts to rise due to a massive construction of affordable houses and irrigation projects.
China's consumer price index may rise to a high of 6 percent in June, Ma Jun, economist at Deutsche Bank, told Phoenix TV.
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