Market Report – Asian Stocks Slip, China Bucks Trend
In today’s market report… Asian shares slipped as investors took profits, but shares in Shanghai rose despite new curbs on property sales.
Poly Real Estate and Gemdale led the surge among Shanghai’s property stocks.
Traders say the market was expecting the new measures, and welcomed the certainty after weeks of speculation.
Stocks in Tokyo and Sydney led the declines, as investors took profits on recent rallies in a month-end consolidation.
Sydney’s mining stocks rose in early trade, but failed to sustain gains, while resource and banking shares led the All-Ordinaries to a weaker close.
Elsewhere, shares of ICBC fell in Hong Kong after Goldman Sachs said it was selling $2 billion worth of the mainland bank’s shares.
South Korea’s KOSPI traded flat after recent 28-month highs, while investors in Taiwan were sidelined ahead of an expected hike in interest rates by the central bank later in the day.