Mainland stocks fall on policy concerns

09:02, April 16, 2010      

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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

(Editor:黄硕)

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