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Real estate-related stocks drag Shanghai index down 0.23%
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SHANGHAI stocks declined this morning, dragged by property developers and building materials suppliers.
The key Shanghai Composite Index shed 0.23 percent, or 4.68 points, to 2,050.27. Half-day turnover was 35.5 billion yuan (US$5.7 billion).
“The resumption of initial public offerings and concerns over a cooling real estate sector continued to weight on the market,” said Shenyin & Wanguo Securities.
China will release the May statistics on industrial production and retail sales tomorrow.
Zhang Zhiwei, chief China economist for Nomura, said industrial production may have slowed in May as the country’s electricity output growth slowed surprisingly to 5.2 percent, from a rise of 6.4 percent in April.
Property developers declined. Poly Real Estate, China’s second-largest homebuilder, lost 2.5 percent to 5.14 yuan. Jiangxi Zhong Jiang Real Estate slipped 1.5 percent to 7.46 yuan.
Building materials stocks also fell. China State Construction Engineering lost 1 percent to 2.95 yuan. Sinoma International Engineering slumped 1 percent to 6.83 yuan.
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