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Real estate, financial stocks lead fall

2014-02-25 08:06 Global Times Web Editor: qindexing

Stock markets in the Chinese mainland declined Monday, weighed on by a heavy fall in real estate and financial stocks.

The benchmark Shanghai Composite Index slid by 37.01 points or 1.75 percent to 2,076.69 points on Monday. The Shenzhen Component Index fell by 208.02 points or 2.68 percent to 7,542.53 points.

Combined turnover on the two bourses on Monday was 256.60 billion yuan ($42.11 billion), up from Friday's 232.81 billion yuan.

The National Bureau of Statistics (NBS) released data on Sunday showing that 69 out of 70 major cities in China saw a rise in new house prices in 2013, hitting the property sector hard.

The sector was also hit by media reports that Industrial Bank Co has decided to stop offering loans related to new development projects, prompting concerns over tightening funds in the sector. Shares in Industrial Bank Co dropped 3.70 percent to 9.12 yuan.

Also, developers in Hangzhou, East China's Zhejiang Province recently cut the price of two apartment projects, local media reports said over the weekend, leading to investors selling shares in property stocks on Monday.

The overall real estate sector fell by almost 5 percent on Monday, with six stocks in the sector plunging by the daily limit of 10 percent.

Shares in China Vanke Co fell by 6.56 percent to 6.69 yuan on Monday while Poly Real Estate Group Co fell by 8.38 percent to 6.78 yuan.

Along with real estate and financial firms, stocks related to energy reform fell back, following strong gains recently. Sinopec, China's leading petroleum refiner and oil producer, slid 3.79 percent to 4.82 yuan.

The Ministry of Environmental Protection said on Monday that heavy air pollution is being observed in the northeast region of China.

Stocks linked to air pollution treatment rose on Monday. Guangzhou-based Cnlight Co jumped by the daily limit of 10 percent.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, gained on Monday by 20.36 points or 1.34 percent to 1,540.03 points.

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