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Shares fall to lowest in 3 weeks
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Shanghai shares dropped to the lowest in nearly three weeks yesterday after counters linked to the free trade zone stumbled amid concern recent gains were excessive.
The Shanghai Composite Index fell 1.94 percent to 2,155.81 points.
The Shanghai International Port (Group) Co and Shanghai Waigaoqiao Free Trade Zone Development Co were among the stocks that fell by the daily limit of 10 percent.
Shanghai Jielong Industry Corp also slid 10 percent to 10.12 yuan despite saying in an exchange filing that the Shanghai FTZ will not directly impact its earnings in the short term.
The Ministry of Land and Resources urged local land management authorities at a meeting to maintain curbs on housing prices and ensure a stable land market in the fourth quarter.
Property developers declined. China Enterprise Co shed 7.75 percent to 7.02 yuan (US$1.15).
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