China’s markets dropped for a second day, led by commodity and bank shares, on lower commodity prices and speculation the government will curb lending to cool gains in property prices.
The Shanghai Comprehensive Index slid 0.28 percent to 3080.77. The SME Comprehensive Index added 0.91 percent to 4460.70.
The Hang Seng Index declined 0.79 percent to 17721.07. The Hang Seng Growth Enterprises Index dropped 2.36 percent to 566.49. The Hang Seng China Enterprise Index lost 0.95 percent to 10573.71.
Taiwan’s TAIEX Index lost 0.70 percent to 6668.10.
PetroChina Co. (SH:601857; HK:0857), China’s largest oil producer, dropped 1.55 percent on Shanghai trading and 2.33 percent on Hong Kong trading as price of crude oil kept falling.
Jiangxi Copper Co. (SH:600362HK:0358), China’s largest producer of the metal, lost 0.40 percent on Shanghai and 1.91 percent on Hong Kong.
Industrial and Commercial Bank of China (SH:601398; HK:0398), the nation’s largest lender, declined 2.76 percent on Shanghai and 0.77 percent on Hong Kong. China Construction Bank Co. (SH:601939; HK:0939), the second largest, lost 2.82 percent on Shanghai and 0.87 percent on Hong Kong.
New solar targets announced
China is aiming for an installed solar power capacity of 2 GW by 2011, nearly a 15-fold jump from the 140 GW capacity it had at the end of last year, according to China State Power Information Network, quoting people familiar with the matter. Shenzhen Topraysoalr Co. (SZ:002218) added 0.21 percent.
Digital published rose 46pct in 2008
China’s total revenue of digital publishing in 2008 was RMB 53bn, a year-on-year rise of 46.42 percent, according to Sun Shoushan, deputy director of China's General Administration of Press and Publication (GAPP).Total revenue for 2009 is forecast to be over RMB75bn. Founder Holdings (HK:0418), China’s largest digital publisher, advanced 4.29 percent.
Flat screen TV price rise
Chinese television and consumer electronics manufacturers Konka (SZ:000016), Skyworth (HK:0751), and TCL Multimedia (HK:1070) have issued internal memos that at the end of July they will raise the price of some new flat-screen television sets by 5 to 10 percent. Konka (SZ:200016) slid 0.39 percent. Skyworth (HK:0751) dropped 2.15 percent. TCL (SZ:000100) lost 0.91 percent.
Auto shares advanced on June sales figures
China’s passenger car sales increased 58 percent year-on-year in June, according to China’s National Passenger Car Information Association. SAIC Motor (SH:600104), China’s largest carmaker, rose 1.75 percent to RMB 17.49, the highest close since March 2008. Chongqing Changan Automobile Co.(SZ:000625), the Chinese partner of Ford Motor Co. and Mazda Motor Co., climbed 4.74 percent.
Property shares rally on mainland markets but drop in Hong Kong
Mainland-listed property shares added 1.91 percent on average. China Vanke Co.(SZ:000002), the nation’s largest listed developer, advanced 2.34 percent. Poly Realestate Co.(SH:600048), the second-largest, added 4.11 percent. Zhejiang Xinhu Venture Investment Co.(SH:600840) and Yihua Real Estate Co.(SZ:000150) surged to the 10 percent trading cap.
The Hang Seng Property Index dropped 1.80 percent. Sino-Ocean Land Holdings (HK:3377) dropped 7.61 percent. Agile Property Holdings (HK:3383) lost 5.95 percent. Franshion Properties (HK:0817) declined 5.82 percent.
China’s property sales rose 45 percent to RMB 1 trillion in the first five months of 2009 from a year earlier, the statistics bureau said June 11.
Chinese banks extended a record RMB 5.84 trillion of loans in the first five months to support a government stimulus package. An estimated 1.16 trillion, or about 20 percent of the new loans, was invested in the stock market, China Business News reported last month.
Banks in Hangzhou, the capital of eastern Zhejiang province, are tightening requirements for second-home mortgages, Shanghai Securities News reported yesterday.
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