China shares slip from 2-week highs, but property stocks have solid gains
China shares slipped from two-week highs on Friday as investors took profit on recent outperformers, though solid gains by property counters kept the losses small.
The Shanghai Composite Index, which rose the first four days of the week, inched down 0.2 per cent to 2,059.37 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings was off 0.1 per cent.
The indexes were up 1.1 and 1.3 per cent for the week, their second straight weekly gain.
Shipping and port stocks, standout gainers earlier this week, were badly hit. Dalian Port PDA and Rizhao Port plunged 10 and 9.4 per cent, respectively, while China Shipping Container Lines shed 3.4 per cent.
Property giant China Vanke was the top CSI300 boost, climbing 3.9 per cent in Shenzhen, while Poly Real Estate Group rose 1.8 per cent in Shanghai.
In a note dated on Thursday, Barclays attributed the sector’s recent strong performance to an easier policy environment across most cities and better sales in June
Source: economictimes
