China shares extend losses to 5 consecutive weeks
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E-mail Xinhua, July 20, 2012
Chinese equity markets weakened further Friday after the government reiterated stance to keep tight control over the property market, extending the declines of the benchmark index to five consecutive weeks.
The benchmark Shanghai Composite Index at one point touched a six-month low of 2,138.79 during trading this week before losing 16.2 points, or 0.74 percent, to close at 2,168.64 points Friday.
The Shenzhen Component Index tumbled 176.27 points, or 1.85 percent, to close the week's trading at 9,333.21 points.
As home prices rebounded in more Chinese cities in June, the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development jointly issued a statement reiterating that local governments are not allowed to loosen the tightening of the property market.
The central government's latest statement dampened hopes for looser control over the housing market to spur a slowing economy in the country, weighing on shares of house developers and related sectors.
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