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Property stocks collapse in market slump

By Yu Xi (Global Times)

08:15, June 21, 2012

The Shanghai and Shenzhen stock markets retreated Wednesday, extending Tuesday's slump, accompanied by a shrinking trading volume.

The Shanghai Composite Index lost 7.92 points, or 0.34 percent, to close at 2,292.88, while the Shenzhen Component Index sagged 0.27 percent, or 26.37 points, to finish at 9,821.79.

The Shanghai Composite had a few brief spikes above the 2,300 point mark in the morning session, but eventually sank on contractions in the heavily weighted securities and real estate sectors. Despite a short rally thanks to gains in insurance and petroleum stocks, the index was ultimately dragged down by weak market sentiment.

The water supply, gas supply, electronic information and petroleum sectors were strong performers Wednesday, while bio-pharmaceutical, securities, media and real estate stocks led the market in terms of losses.

Most domestic real estate stocks dropped Wednesday following word from the government that curbs on the housing market would continue to be strictly implemented. Shanghai-listed Poly Real Estate Group Co gave up 1.62 percent to 11.54 yuan ($1.81), and Shenzhen-listed Lvjing Holding Co fell 3.91 percent to 7.12 yuan.


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