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China stock market summary April 19, 2010

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decline_9 April 19, 2010 (Chinavestor) The DJIA ended the day higher as financial stocks pulled the index. But Chinese markets tumbled earlier the day following tight regulations regulating the hot property market. Banks in China are forbidden to lend for third homes while first and second home loan qualifications became more difficult. China shares tumble in Asia following Draconian measures.

 

Chinese real estate stock led the decline in Shanghai, Hong Kong and in New York. Construction material and commodity stock declined as well, spooked by Goldman's woes.

 

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Shares of Baidu.com (NASDAQ:BIDU), the largest Chinese search engine company, tumbled -$18.87 or -2.59%. But real estate and property related stocks suffered the most in percentage points: China Real Estate Information Corporation (NASDAQ:CRIC) and E-House Holdings (NYSE:EJ) tumbled -11.70% and -7.05%, respectively. Energy and solar stock fell in weak oil prices: China Integrated Energy (NASDAQ:CBEH), a Chinese bio-diesel producer and distributor, fell -5.58% just like Origin Agritech (NASDAQ:FEED). For more about big percentage point movers, read China shares tumble by noon, April 19, 2010.

Stocks on the upside included WuXi Pharmatech (NYSE:WX), oversold Perfect World (NASDAQ:PWRD), Nam Tai Electronics (NYSE:NTE) and Renesola Ltd. (NYSE:SOL).

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