China stocks fall to nine-month low, despite developers' gains

08:50, June 21, 2011      

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An investor watches an index screen at a stocks brokerage house in Huai'an, east China's Anhui Province, June 20, 2011. Chinese shares fell to their lowest level in almost nine months on Monday amid weak market sentiment, despite big gains of property developers. The benchmark Shanghai Composite Index dropped 0.82 percent, or 21.57 points, to close at 2,621.25, while the Shenzhen Component Index dipped 0.71 percent, or 80.49 points, to finish at 11,328.67. (Xinhua/Xie Zhengyi)

Chinese shares fell to their lowest level in almost nine months on Monday amid weak market sentiment, despite big gains of property developers.

The benchmark Shanghai Composite Index dropped 0.82 percent, or 21.57 points, to close at 2,621.25, while the Shenzhen Component Index dipped 0.71 percent, or 80.49 points, to finish at 11,328.67.

Combined turnover dropped to 109.16 billion yuan (16.79 billion U.S. dollars) from 121.7 billion yuan on the previous trading day.

Losers outnumbered gainers by 623 to 262 in Shanghai and 916 to 317 in Shenzhen.

Property developers posted widespread gains on Monday after the National Bureau of Statistics said Sunday that new-home prices rose last month in 67 of the 70 cities monitored, despite government property curbs.

New-home prices in Beijing and Shanghai rose 2.1 percent and 1.4 percent from one year earlier, respectively, last month.

China Vanke Co., the country's biggest listed property developer, rose 1.61 percent to 8.18 yuan per share. Poly Real Estate Group Co., the country's second-largest developer by market value, gained 2.86 percent to 10.43 yuan per share.

However, more than two thirds of China's stocks fell on Monday with at least 10 stocks down by the daily limit of 10 percent.

Industrial and Commercial Bank of China led declines for lenders. It fell 0.7 percent to 4.26 yuan per share, while Bank of China, the country's third largest lender, dropped 1.29 percent to 3.05 yuan.

Insurers fell hard on Monday. Ping An Insurance Co. dropped 1.68 percent to 44.36 yuan per share while China Pacific Insurance (Group) Co. fell 1.04 percent to 20 yuan.

Non-ferrous metals were also broadly lower. BGRIMM Magnetic Materials &Technology Co. fell by the 10-percent daily limit to 19.1 yuan while Zijin Mining Group Co., China's biggest gold miner, dipped 0.74 percent to 6.73 yuan per share.


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