China: Stocks fall, property shares pare gains on profit-taking

[SHANGHAI] China stocks surrendered early gains and ended Thursday lower, as financial shares dropped while property plays pared sharp gains on profit-taking.

The blue-chip CSI300 index fell 0.3 per cent, to 3,364.49, while the Shanghai Composite Index lost 0.2 per cent to 3,104.11 points.

The market was firm in morning trade, aided by a surge in the real estate sector, but selling pressure surfaced in the afternoon as some investors took profit.

The property subindex, which jumped nearly 5 per cent in the morning, ended the session up only 1.4 per cent.

Data released on Thursday showed signs of fatigue in China's property market. Home prices rose 0.8 per cent in July nationwide, but stalled or fell in more cities than in June.

The banking sector fell 0.5 per cent while consumer shares lost 0.9 per cent.

REUTERS