Markets drop led by non-ferrous metals, banks and property
Chinese stocks retreated today, led by non-ferrous metal, banks and, on the mainland, real estate shares.
The Shanghai Comprehensive Index slid 0.82 percent to 2588.57. The Hang Seng Index lost 0.76 percent to 16991.56. The Hang Seng China Enterprise Index dropped 1.18 percent to 9684.07.
Small caps, however, remain bullish. The SME Comprehensive Index advanced 0.59 percent to 4162.11.
The Hang Seng Growth Enterprises Index climbed 0.06 percent to 557.55. Except for one day, the index has been moving upward since April 29 and gained 35.82 percent in the 19 trading days, compared to the 16.74 percent gain of the Hang Seng Index.
Taiwan's TAIEX Index slid 0.76 perent to 6683.11.
Jiangxi Copper (SH:601362; HK:0358) dropped 3.35 percent on Shanghai trading and 1.52 percent on Hong Kong trading.
Zijin Miing (SH:601899;HK:2899), the nation's largest gold producer, dropped 1.04 percent on Shanghai and 3.71 percent on Hong Kong.
HSBC (HK:0005) dropped 1.37 percent. Bank of Communications (SH:601328;HK:3328) lost 2.01percent on Shanghai and 1.49 percent on Hong Kong.
Property dropped on mainland markets and rose in Hong Kong
The Hang Seng Property Index added 2.38 percent to 23499.45, while mainland listed developers dropped an average of 1.78 percent. Capital Estate (HK:0193) surged 6 percent. Shimao Property Holdings (HK:0813) added 3.41 percent. China Vanke C0.(SZ:000002), mainland’s largest listed developer, dropped 3.01 percent. Poly Real Estate Group Co.(SH:600048), the second largest, lost 2.54 percent.
Agriculture share advanced. Xijiang Tianye Water Saving Irrigation System Co.(HK:0840) surged 16.46 percent. China Starch Holdings (HK:3838) advanced 9.68 percent. Global Sweeteners Holdings (HK:3889) added 8.74 percent. Shandong Oriental Ocean Sci-Tech Co. (SZ:002086) climbed 5.90 percent. Fujian Yongan Forestry (Group) Joint-Stock Co.(SZ:000663) added 5.37 percent.
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