Mainland and Hong Kong markets fall most in weeks
Mainland markets fell the most in five weeks, led by commodity shares, on lower commodity prices and concern that the government will curb stimulus measures. The Hong Kong market fell the most in three weeks, led by developers, on concern that the city's tightening of down-payment requirements for luxury homes will damp demand.
The Shanghai Comprehensive Index dropped 2.8 percent to 3021.46. The Hang Seng Index declined 1.9 percent to 22161.59. The Hang Seng China Enterprise Index plunged 3.1 percent to 12412.45. Taiwan's TAIEX Index slid 0.14 percent to 7657.34.
PetroChina Co.(SHA:601857; HKG:0857), the nation's largest oil producer, lost 2.6 percent in Shanghai trading and percent in Hong Kong trading after crude posted its biggest drop in four weeks.
Mainland-listed non-ferrous shares plunged 4.7 percent on average, steel makers lost 4.5 percent and mining shares declined 3.4 percent on average.
Zijin Mining Group Co. (SHA:601899; HKG:2899), China's largest gold producer, retreated 4.3 percent in Shanghai trading and 2.1 percent in Hong Kong trading. Shanghai Gold Futures declined 0.8 percent today.
Jiangxi Copper Co.(SHA:600362; HKG:0358), the nation's largest producer of the metal, dropped 5.7 percent in Shanghai and 2 percent in Hong Kong. Shanghai Copper Futures lost 0.9 percent.
Aluminum Corporation of China (SHA:601600; HKG:2600), the nation's biggest producer of the metal, retreated 4.4 percent in Shanghai and 2.6 percent in Hong Kong. Shanghai Aluminum Futures slid 0.2 percent.
Wuhan Iron And Steel Co. (SHA:600005), China'a fifth-largest steel maker, dropped 6.4 percent. Baoshan Iron & Steel Co. (SH:600019), the largest, lost 3.9 percent.
China Shenhua Energy Co.(SH:601088;HKG:1088), the nation's largest coal miner, retreated 3.8 percent in Shanghai trading.
The Hang Shang Property Index plunged 3.6 percent today, the biggest drop since August 31, after the city's administration said it would tighten down-payment requirements on the sale of luxury homes.
Sun Hung Kai Properties Ltd. (HKG:0016), Hong Kong's largest property developer by market value, dropped 3.4 percent. Cheung Kong (Holdings) Ltd. (HKG:0001), the second biggest, retreated 3 percent. Henderson Land (HKG:0012), controlled by billionaire Lee Shau-kee, lost 4.3 percent.
The Hong Kong Monetary Authority tightened down-payment requirements for luxury homes on Oct. 23 for the first time since 1991 to curtail property speculation after record-low interest rates fueled a surge in prices this year. Down payments for homes priced above HK$20 million will be raised to 40 percent from 30 percent, HKMA Chief Executive Norman Chan said.
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