Mainland stocks fall on policy concerns

09:02, April 16, 2010      

Email | Print | Subscribe | Comments | Forum 

Mainland stocks fell for the first time in three days on concern the government will take more measures to slow the economy and contain inflation after growth accelerated to the fastest pace in almost three years.

Gree Electric Appliances Inc and GD Midea Holding Co fell 1.3 percent amid concern borrowing costs will rise after gross domestic product expanded 11.9 percent in the first quarter.

Poly Real Estate Group Co led a drop for developers after analysts claimed the government may impose a property tax.

China Petroleum & Chemical Corp and PetroChina Co gained at least 1.7 percent on expectations stock-index futures trading will boost demand for shares with large index weightings.

"The economy still shows signs of overheating and the government tone about tightening isn't likely to be reversed," said Wang Zheng, a fund manager at Jingxi Investment Management Co in Shanghai. "I am bearish on developers, because the property market will be the main target of a crackdown in coming months."

The Shanghai Composite Index fell 1.22, or less than 0.1 percent, to 3164.97 at the close.

The CSI 300 Index declined 0.3 percent to 3394.57.

Hong Kong's Hang Seng Index rose 0.2 percent to 22157.82 at the close.

Source: China Daily


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion