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Domestic stocks slump on housing restrictions, coal industry pressures

By Wang Fei’er (Global Times)

08:21, June 07, 2012

Both the Shanghai and Shenzhen stock markets took a dive Wednesday thanks to broad drops in the heavily weighted coal and real estate sectors.

The Shanghai Composite Index fell 0.10 percent, or 2.36 points, to close at 2,309.55, while the Shenzhen Component Index tumbled 0.35 percent, or 34.14 points, to finish at 9,812.98.

The cement sector was the day's best performer thanks to the government's pledge to boost public works construction. Jiangxi Wannianqing Cement Co advanced 2.65 percent to 13.96 yuan ($2.19) per share, and Henan Tongli Cement Co rose 0.29 percent to 11.70 yuan.

Meanwhile, coal stocks fell sharply on news of domestic coal price slumps and shrinking demand from the country's power producers. Shanxi Coal International Energy Group Co sank 0.99 percent to 25.97 yuan per share, and Jizhong Energy Resources Co fell 0.73 percent to 17.95 yuan.

A report Wednesday from the Xinhua News Agency that China's housing ministry will maintain its current policies to rein in real estate prices took its toll on listed developers. China Vanke Co, the nation's biggest developer by market value, saw its shares shave off 1.43 percent to finish the day at 8.98 yuan.

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