[转贴] China’s Stocks Fall Most in Three Months on Wen’s Speech
By Bloomberg News - Mar 14, 2012
China’s stocks fell, sending the benchmark index down the most in three months, as property developers and raw-material producers slumped after Premier Wen Jiabao said home prices are still far from reasonable levels.
A gauge tracking property stocks sank 2.6 percent, reversing a 1.2 percent advance. Wen, holding his last regular press conference at the end of the annual National People’s Congress, said the government would keep curbs on housing sales. Poly Real Estate Group Co. and Anhui Conch Cement Co. slid more than 2.5 percent.
The Shanghai Composite Index (SHCOMP) fell 47.45 points, or 1.9 percent, to 2,408.35 as of 2:26 p.m. local time, erasing a 0.8 percent gain. The CSI 300 Index (SHSZ300) retreated 1.9 percent to 2,630.02.
“The premier’s speech gives no indication of further stimulus or policy easing such as a cut in reserve ratios,” said Zhang Ling, general manager at Shanghai River Fund Management Co.
The Shanghai Composite had rallied 12 percent in 2012 through yesterday following two years of losses on speculation the central bank would add to a Feb. 18 cut in lenders’ reserve requirements to bolster economic growth. Stocks in the index trade at 9.6 times estimated profit, compared with a record low of 8.9 times on Jan. 6, weekly data compiled by Bloomberg showed. Wen said the nation wants to ensure long-term, stable and healthy growth in the property market.
House Prices
China will see a “further decline in property prices especially in major and coastal cities with high price-to-income ratios,” said Chang Jian, an economist at Barclays Capital in Hong Kong who formerly worked for the World Bank, said after Wen’s remarks.
China’s home sales declined 25 percent in the first two months of the year after surging 26 percent in January and February of 2011. The government’s two-year effort to control the property market included measures from raising down-payment and mortgage-rate requirements, imposing property taxes for the first time in Shanghai and Chongqing, and home purchase restrictions in about 40 cities.
Poly Real Estate dropped 2.6 percent to 11.05 yuan. Anhui Conch retreated 2.8 percent to 16.81 yuan.
The government lowered its 2012 economic growth target to 7.5 percent on March 5 from 8 percent over the past seven years.
China’s economic stimulus since 2008 has failed to spur lasting gains in equity valuations even after gross domestic product rose more than 30 times faster than the world’s biggest economies.
The price-to-book ratio of the Hang Seng China Enterprises Index has declined 21 percent since the collapse of Lehman Brothers Holdings Inc. in September 2008, reversing an increase of as much as 26 percent in 2009. The drop in China is the biggest among equity indexes in the four largest economies, according to data compiled by Bloomberg.
--Richard Frost, Zhang Shidong. Editors: Allen Wan
发表于 2012-3-14 02:59
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发表于 2012-3-14 08:41
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