Market
Conference
China coal shares fall to 13 month low
作者：25 发布时间：2010-06-08 文字大小：【大】【中】【小】
Bloomberg reported that China stocks dropped and sending the benchmark index to a 13 month low, on concern banks’ fundraising and government efforts to cool the property market will hurt shareholders’ stakes and dent demand for resources.
Bank of China Ltd and Industrial Bank Co fell for a second day after raising capital. Poly Real Estate Co slid 2.9% on speculation China is close to imposing a real estate tax. Yanzhou Coal Mining Co led declines for energy producers after an official said coal demand will slow in the second half of the year. China National Software & Service Co surged 10% on government plans to boost the software business.
Mr Dai Ming a fund manager at Shanghai Kingsun Investment Management & Consulting Co said “Fundraising pressure from the banking sector may prompt big investors to cut their positions in financial stocks which have a large weighting.”
The Shanghai Composite Index lost 18.77 or 0.7% to close at 2,552.66, the lowest since April 30th 2009 and erasing an earlier 1% gain. The CSI 300 Index slid 0.8% to 2,736.08.
The Shanghai index has slumped 22% this year on concern growth at the world’s third largest economy will slow as the housing market cools and Europe’s debt crisis threatens China exports. The slump has cut the average price of stocks on the gauge to 19.4 times earnings, near the lowest level since February 2009.
(Sourced from Bloomberg)
Bank of China Ltd and Industrial Bank Co fell for a second day after raising capital. Poly Real Estate Co slid 2.9% on speculation China is close to imposing a real estate tax. Yanzhou Coal Mining Co led declines for energy producers after an official said coal demand will slow in the second half of the year. China National Software & Service Co surged 10% on government plans to boost the software business.
Mr Dai Ming a fund manager at Shanghai Kingsun Investment Management & Consulting Co said “Fundraising pressure from the banking sector may prompt big investors to cut their positions in financial stocks which have a large weighting.”
The Shanghai Composite Index lost 18.77 or 0.7% to close at 2,552.66, the lowest since April 30th 2009 and erasing an earlier 1% gain. The CSI 300 Index slid 0.8% to 2,736.08.
The Shanghai index has slumped 22% this year on concern growth at the world’s third largest economy will slow as the housing market cools and Europe’s debt crisis threatens China exports. The slump has cut the average price of stocks on the gauge to 19.4 times earnings, near the lowest level since February 2009.
(Sourced from Bloomberg)
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