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Property, autos lead decline
(China Daily)
Updated: 2010-03-12 11:32
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SHANGHAI - Most mainland stocks fell, led by automakers and developers, after inflation accelerated and new loans exceeded forecasts, boosting the prospect for higher interest rates.
More than two stocks fell for each one that rose on the Shanghai Composite Index, which gained 2.36, or 0.1 percent, to 3051.28 at the close. The CSI 300 Index slipped 0.1 percent to 3276.71.
SAIC Motor slumped 2.9 percent to 20.51 yuan. FAW Car Co dropped 3.3 percent to 22.53 yuan. Anhui Jianghuai Automobile Co slid 4.7 percent to 10.71 yuan.
Gemdale, the country's fourth-largest developer by market value, lost 1.2 percent to 13.60 yuan. Separately, the company said its sales in January and February fell 52 percent from a year earlier. Shanghai Lujiazui Finance & Trade Zone Development Co fell 2.1 percent to 23.31 yuan.
Wuhan Double Co led gains for companies based in the capital of central China's Hubei province after the State Council approved an urban development plan.
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Hang Seng gains
Hong Kong's benchmark Hang Seng Index rose after Swire Pacific Ltd reported 2009 profit that beat analysts' estimates and higher prices drove mainland carmakers higher.
Swire Pacific, the Hong Kong office landlord and owner of 42 percent of Cathay Pacific Airways Ltd gained 1.1 percent.
The Hang Seng Index gained 19.91 points, or less than 0.1 percent to close at 21,228.20.
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