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Real estate, metal stocks gain in mixed trading day

By Yu Xi (Global Times)

08:11, June 27, 2012

The Shanghai and Shenzhen stock markets ended at odds Tuesday, as anxieties about the eurozone reignited again after rating agency Moody's downgraded debts issued by 28 Spanish banks late Monday.

The Shanghai Composite Index declined 2.05 points, or 0.09 percent, to close at 2,222.07, while the Shenzhen Component Index advanced 0.34 percent, or 32.38 points, to finish at 9,446.59.

Both markets opened lower Tuesday due to weak performances in the US and European markets. In the morning session, the insurance, securities and banking sectors were strong gainers, while gas and water supply, shipping and media shares largely retreated, keeping both indices on a roughly even keel. Gains in the heavily weighted real estate and non-ferrous metals sectors hoisted the Shanghai Composite sharply in the early afternoon but weren't enough to stave off the wave of market pessimism that ultimately pulled the index into negative territory.

Poly Real Estate Group Co added 2.74 percent to close at 11.24 yuan ($1.76). Qianjiang Water Resources Development Co surrendered 6.87 percent to 9.90 yuan.

Moody's Investors Service announced late Monday that it is cutting its view on debt issued by 28 Spanish banks, which indicates the agency's diminishing confidence in the Spanish financial institutions' abilities to repay their debts. Obviously, investors also remain skeptical about whether the upcoming summit of EU leaders would result in any substantive measures to solve the European crisis, say analysts.

Besides, concerns about the domestic economy's slowdown haven't eased for investors, many of whom are sitting out of the market in the hope that stimulus measures will soon materialize, analysts said.

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