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Policy absence drags down stock market

(Agencies)
Updated: 2008-03-31 14:34

Chinese Premier Wen Jiabao said over the weekend that China's economy was fundamentally in good shape and that the government would promote the stock market's stable and healthy development.

The Shanghai Securities News reported on Monday that at a recent meeting between regulators and stock mutual funds, the China Securities Regulatory Commission urged funds to stick to a strategy of long-term investment.

But blue chips, often favourites of mutual funds, continued to fall on Monday, and traders said the market was past the point where vague expressions of optimism by the premier could help it much.

Industrial and Commercial Bank of China , China's biggest bank, opened down 3.47 percent at 5.84 yuan before ending the morning 0.5 percent lower at 6.02 yuan.

Minsheng Bank fell 2.89 percent to 10.76 yuan after stakeholder Shanghai Bashi, which had 155 million Minsheng shares at the end of 2007, said it would accelerate reducing its holdings in the bank.

Bank of Nanjing lost 0.68 percent to 14.56 yuan after reporting a 53 percent increase in net profit last year.

Property stocks fell after Fan Gang, an adviser to the central bank, was quoted by the People's Daily as saying the government should aim to restrain housing price rises in major cities.

Zhu Zhongyi, vice head of the China Real Estate Association, was quoted by the Shanghai Securities News as saying China's property industry was suffering from difficulty in raising funds, and he expected to see more consolidation ahead.

Vanke, China's biggest listed property developer, fell 2.51 percent to 25.99 yuan.

China Oilfield, a leading provider of oilfield services in the offshore China market, fell 0.72 percent to 22.05 yuan, outperforming the market, after the company reported 2007 profit almost doubled and said its board had been authorized to conduct an H-share issue of up to 20 percent of its oustanding H shares.

The fact that China Oilfield chose the Hong Kong market for its potential issue rather than Shanghai, which has become allergic to cash calls during its slump, was seen as positive.

Among gainers, Shanghai International Port rose 0.14 percent to 7.10 yuan after reporting a 23 percent rise in 2007 profit.

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