China share market edges lower for 2nd day as property developers, oil refiners fall

19:41, December 23, 2010      

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Chinese stocks fell for a second day Thursday with property developers dropping after a central government ministry ordered local governments to intensify efforts to curb hot money inflows into the nation's property market.

The benchmark Shanghai Composite Index dropped 0.79 percent, or 22.68 points, to close at 2,855.22 points.

The Shenzhen Component Index lost 0.96 percent, or 122.38 points, to finish at 12,644.58 points.

Combined turnover shrank to 209.64 billion yuan (31.76 billion U.S. dollars) from 239.84 billion yuan the previous trading day.

Losers outnumbered gainers 733 to 140 in Shanghai and 1,001 to 130 in Shenzhen.

China Vanke Co. led real-estate developers' decline after the Ministry of Commerce said Tuesday that local governments should step up monitoring of foreign capital inflows into the real estate sector to curb speculation and cool property prices.

Shares of Vanke, China's biggest listed developer, dropped 1.78 percent to 8.84 yuan, while China Baoan Group Co., a Shenzhen-based developer, fell 4.68 percent to 17.51 yuan per share.

PetroChina Co., China's biggest oil refiner, fell for a second day after the National Development and Reform Commission Tuesday raised retail gasoline and diesel prices by about four percent. It was the third price hike of its kind this year and added to already mounting inflation concerns.

PetroChina shares fell 0.85 percent to 8.16 yuan per share. Sinopec Corp., a leading oil refiner, retreated 0.35 percent to 11.4 yuan.

Bucking the trend, coal producers gained, as investors bet the cold winter weather will boost demand for coal.

China Shenhua Energy Co., China's biggest coal producer, climbed 0.36 percent to 25.31 yuan.

Source: Xinhua
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