Chinese stocks open mixed Thursday
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E-mail Xinhua, March 15, 2012
Chinese stocks opened mixed on Thursday, with the benchmark Shanghai Composite Index down 0.13 percent, or 3.17points, to open at 2,388.06.
The Shenzhen Component Index edged up 0.06 percent, or 6.38 points, to open at 10,101.28.
Li Daokui, a former member of the central bank's monetary policy committee, said a misreading of Premier Wen Jiabao's remarks led to a tumble in the Chinese stocks on Wednesday.
Premier Wen said at a press conference after the conclusion of China's annual parliamentary session that the nation will not halt its efforts to reign in housing prices as the current prices are still far from a reasonable level.
Weighed down by Wen's remarks, the property sector plunged, dragging the Shanghai Composite Index down by 2.63 percent on Wednesday.
"The stock market thought housing prices would fall rapidly this year. But current home prices were not driven up in a day. It's an illness that can not be solved in one year," Li said.
"It takes time to let housing prices fall to match people's incomes," Li added.
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