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Shanghai shares sag as China's home prices grow at slowest rate since 2016

Shanghai shares edged lower on Tuesday, as data showing a slower pace of growth in new home prices dragged on stocks of banks, industrial firms and property developers. ** Chinese H-shares listed in Hong Kong rose 0.08% to 9,986.42, while the Hang Seng Index was down 0.09% at 24,520.34.

Reuters | Shanghai | Updated: 20-10-2020 10:05 IST | Created: 20-10-2020 10:03 IST
Shanghai shares sag as China's home prices grow at slowest rate since 2016
Representative image Image Credit: Piqsels

Shanghai shares edged lower on Tuesday, as data showing a slower pace of growth in new home prices dragged on stocks of banks, industrial firms and property developers. ** New home prices in China grew at their slowest pace in more than 4-1/2 years as tightening measures introduced by some big cities to guard against a potential bubble weighed on a market that has provided much-needed support to an economy hard-hit by the novel coronavirus pandemic. ** At the midday break, the Shanghai Composite index was down 0.13% at 3,308.31 points. ** The CSI300 real estate index was down 1.06% at midday and the financial sector sub-index fell 0.53%. ** But the broader blue-chip CSI300 index gained 0.17% after flitting between gains and losses in the morning session. ** The index was supported by the consumer staples sector , which rose 1.57%. Economic data released Monday showed that China's economic recovery quickened in the third quarter, supported by growing consumption. ** Chinese H-shares listed in Hong Kong rose 0.08% to 9,986.42, while the Hang Seng Index was down 0.09% at 24,520.34. ** Hong Kong shares of Chinese e-commerce giant Alibaba Group Holding Ltd touched a record high after Alibaba-backed Ant Group won approval for an offshore leg of its IPO. ** The smaller Shenzhen index edged up 0.4%, the start-up board ChiNext Composite index was 0.93% higher and Shanghai's tech-focused STAR50 index added 0.21%​. ** Around the region, MSCI's Asia ex-Japan stock index gained 0.36%, while Japan's Nikkei index fell 0.53%. ** The yuan was quoted at 6.6854 per U.S. dollar, 0.06% weaker than the previous close of 6.6813.

Also Read: Famous Chinese web novel Lord of the Mysteries a smash hit at Bangkok International Book Fair


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