Shanghai key stock index dropped 1.65 percent yesterday with PetroChina, the most heavily weighted stock, sliding as the market discounted rumors of a possible fuel price hike while other large caps were sluggish.
The impact of the Olympic Games on Beijing's real estate market will be lasting and positive as infrastructure expansion creates new commercial areas and supports the development of suburban residential hubs.
Late afternoon buying on rumors the government was considering raising fuel oil prices reversed the stock market's slide, pushing the Shanghai benchmark index up 2.93 percent.
Hong Kong stocks held steady yesterday as fears eased over the economic impact of the devastating earthquake in Sichuan province, offsetting concerns over record high oil prices and pessimistic comments by the US Federal Reserve.
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Raymond Zhou
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