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Chinese markets dip on property losses

Friday, April 18 07:25:38

China shares fell slightly today, weighed down by property stocks after home price data for March showed a further cooling in the real estate sector.

By midday, the Shanghai Composite Index was down 0.1 percent at 2,096.30 points. The CSI300 index of the largest Shanghai and Shenzhen A-share listings was flat.

House prices in China's 70 major cities grew 7.7 percent in March compared with a year earlier, slowing from last month's 8.7 percent rise, according to Reuters calculations based on official data.

China Fortune Land Co Ltd fell 2.6 percent, Shanghai Jinqiao Export Processing Zone Development Co Ltd shed 2.2 percent and Ningbo Fuda Co Ltd dropped 2.4 percent.

Great Wall Motor Co Ltd slid 5.2 percent, becoming the morning's biggest loser in the CSI300 index, after the country's top maker of sport utility vehicles and pick-up trucks posted a sharp slowdown in first-quarter earnings growth.

ZTE Corp, China's second-biggest maker of telecommunications equipment, gained 1.6 percent after the company reported a tripling of net profit in the first quarter.

The Hong Kong stock exchange is closed for Good Friday on April 18 and Easter Monday on April 21. ( C ) Reuters