Markets mixed, developers shrug off local curbs

Stock markets in Shanghai and Shenzhen closed out an up-again, down-again session with mixed results Monday, indicating a lack of direction among investors.

The Shanghai Composite Index dropped 2.22 points, or 0.1 percent, to finish at 2,234.40; while the Shenzhen Component Index added 47.98 points, or 0.54 percent, to close at 8,937.76.

Both markets opened higher but traded within a tight range for most of the day as gains in property stocks countered weakness in financial sectors.

Real estate developers found space to build as provincial-level market curbs released over the weekend were less severe than many in the market had anticipated. Gree Estate Co rose 5.15 percent to 6.94 yuan ($1.12). China Vanke Co added 2.23 percent to 11 yuan.

Aviation shares blasted off on news that China's Shenzhou-10 spacecraft would be ready for launch in June. Jiangxi Hongdu Aviation Industry Co jumped past the 10-percent daily limit to 18.25 yuan.

On the losing side, liquor producers and distillers prolonged their recent dry spell into Monday. Shanxi Xinghuacun Fen Wine Factory Co shed 6.16 percent to 28.16 yuan.

In topical sectors, listed vaccine manufactures notched impressive gains after reports emerged that a strain of avian flu had been contracted by humans in Shanghai and Anhui Province. Shenzhen Neptunus Bioengineering Co surged past the 10-percent daily limit to 7.99 yuan.

For individual stocks, GD Midea Holding Co jumped past the daily limit to 10.10 yuan Monday, its first day of trading since August of last year. GD Midea Holding Co announced Sunday evening that its parent, Midea Group, will buy out the listed unit.