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Property stocks sink on fresh curb anxieties

By Yu Xi  (Global Times)

13:06, August 21, 2012

Stock markets in Shanghai and Shenzhen fell Monday after a lack of new stimulus policies from Beijing over the weekend carried last week's gloomy sentiment into another trading day.

The Shanghai Composite Index declined 7.93 points, or 0.38 percent, to close at 2,106.96; while the Shenzhen Component Index slumped 0.51 percent, or 44.98 points, to finish at 8,838.63.

Both indices opened lower Monday and retreated in the morning session due to contractions in the real estate and banking sectors. The indices prolonged their slide into the afternoon, with the Shanghai Composite hitting an intra-day low of 2,089.02, the lowest point since March 2009.

Agriculture, fishery and brewing stocks were the best gainers Monday; while the real estate, home appliance and engineering machinery sectors led the markets in losses.

Average home prices in 50 of China's 70 major cities rose month-on-month in July, according to data released by the National Bureau of Statistics Saturday. The number was up considerably from June, when just 25 cities saw monthly upswings in their home prices, and fears that the government would roll out further curbs for the real estate industry to drive prices down lead to broad losses for developers, analysts say.

Poly Real Estate Group gave up 3 percent to 10.02 yuan ($1.57), while China Vanke shed 1.28 percent to 8.50 yuan.

Mainland stocks still have room to fall this week as investors continue to pare down their risk exposure while they wait for a new policy raft from the central government to support the market, say analysts.

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