Shares dip on sluggish realty, financial firms
Print Edition
SHANGHAI stocks dipped yesterday as property developers and financial shares performed sluggishly.
The Shanghai Composite Index shed 0.04 percent to 2,038.31. Property developers weakened after the China Index Academy said over the weekend that home prices in major Chinese cities posted their first month-on-month drop in nearly two years in May.
China Merchants Property Development Co fell 1.64 percent to 17.39 yuan (US$2.78).
“Downside risks are rising given the ongoing property market correction despite better manufacturing PMI data, and the Chinese economy is in a fragile state and faces significant challenges to balance reform and growth,” Barclays said in a report yesterday.
Industrial Securities shed 2.34 percent to 8.35 yuan. Sinolink Securities dropped 1.33 percent to 19.28 yuan.
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