Shanghai stocks yesterday fell for a second day as property developers extended losses amid concerns that new price-curbing measures will hit sales.
The Shanghai Composite Index slid 1.3 percent to 2,919.83 points.
AVIC Securities said in a research note that most segments were lacking the momentum needed to help the index rise above the key 3,000-point level and that at the moment it would most likely remain in fluctuation.
Poly Real Estate Group dropped 2.56 percent to 9.13 yuan ($1.40), the lowest level in a month, dragging down a gauge of developers after the nation's biggest cities, including Shanghai and Shenzhen, rolled out measures late last week to tame soaring real estate prices.
Other losers included hotels and travel agencies after the Disney concepts fell with investors cashing in on their winnings. Both Shanghai Jin Jiang International Industrial Investment Co and Shanghai Jielong Industry Group Corp sank more than 7 percent.
