China markets plunge, Shanghai records first weekly loss in two months
China markets plunged on profit taking and fear of tightening lending policies. The Shanghai market saw its first weekly loss in two months.
The Shanghai Composite slid 2.9 percent today bringin a weekly loss of 4.4 percent. Mainland non-ferrous metal shares plunged 6.51 percent on average. Steel shares lost 4.32 percent on average.
The Hang Seng Index lowered 2.5 percent led by property developers. The Hang Seng Property Index declined 3.61 percent, capping a weekly loss of 6.39 percent. In Hong Kong, CC Land Holdings fell 9.7 percent. Frasers Property China Ltd. dropped 7.9 percent and Central China Real Estate fell 9.6 percent.
Mainland-listed developers lost 4 percent on average. China Vanke (SZ:200001) fell 4.1 percent. Poly Real Estate Group (SH:600048) lost 2.8 percent. Yang Guang (SZ:000608) lost 9.43 percent.
Glass shares plunged after property. Luoyang Glass Co. (HK:1108) lost 9.54 percent. Zhejiang Glass Co. (HK:0739) fell 8.36 percent. China Glass (HK:3300) slid 6.83 percent.
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