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China stocks slip from 2 week highs, property stocks gain

Friday, 4 July 2014 - 1:01pm IST | Place: Hong Kong | Agency: Reuters

  • Chinese stocks slipped from fortnightly high

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 percent to 2,059.37 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings was off 0.1 percent.

The indexes were up 1.1 and 1.3 percent 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 percent, respectively, while China Shipping Container Lines shed 3.4 percent.

Property giant China Vanke was the top CSI300 boost, climbing 3.9 percent in Shenzhen, while Poly Real Estate Group rose 1.8 percent 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.


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