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Shanghai’s Index move on concern of more tightening measures

SHANGHAI: Shanghai’s key stock index fell for the first time on Aug 18 after four days on concern that the central government might unveil more tightening measures for property developers.

ShanghaiDaily.com reported that the Shanghai Composite Index fell 0.21% or 5.59 points to close at 2,666.30 while turnover was at 128.9 billion yuan (RM34.2 million).

The web portal quoted the 21st Century Business Herald, which eporting that Beijing is working on a plan to ban property developers from directly accepting payments for the purchase of uncompleted homes, citing unnamed sources close to the matter.

ShanghaiDaily.com said that Poly Real Estate Group Co, China’s second-largest developer by market value declined 1% to 13.16 yuan, while Gemdale Corp lost 2.27% to 6.90 yuan.

The portal quoted Zhongyuan Securities as saying that investors may take profit from previous gains of property shares “and the overall market will remain rather flat on concerns over the direction of macroeconomic policies”.
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