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Shanghai shares edged lower in morning trading
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SHANGHAI stocks dipped in morning trading after days of gains and the losses of real estate developers were offset by gains of oil producers. The Shanghai Composite Index slipped 0.13 percent to 2,180.39 points by the noon break.
Many mainland cities have relaxed control on the housing market that has been in the doldrums for some time. Investors took that as a sign of decline for the real estate sector. Poly Real Estate Group lost 4.82 percent to 5.93 yuan; China Fortune Land sank 4.71 percent to 27.30 yuan.
PetroChina, however, led the gains of oil shares and rose 3.33 percent to 8.06 yuan. The sector was boosted by news of corruption probes against former chiefs of state-owned oil companies. China Petroleum & Chemical also advanced 1.16 percent to 5.23 yuan.
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