“Most Chinese stocks fell, led by property developers, amid concerns over equity valuations at a 10-month high. Miners and utilities advanced.
Gemdale Corp. (600383) and Poly Real Estate Co. sank more than 5 percent on speculation Beijing had submitted a property tax plan to the Chinese cabinet for approval. Health-care stocks dropped for the third day as technical indicators signaled the stocks are overbought. Jiangxi Copper Co. jumped to an eight-month high, pacing gains among material producers, while SDIC Power Holdings Co. led utilities higher.
The Shanghai Composite Index (SHCOMP) added 0.1 percent to 2,385.42 at the close, even as five stocks fell for every four that gained. The index rose 5.1 percent this month. The CSI 300 (SHSZ300) lost 0.1 percent to 2,686.88 today, while the Hang Seng China Enterprises Index (HSCEI) slumped 0.5 percent in Hong Kong. The Bloomberg China-US 55 Index (CH55BN) fell 0.3 percent yesterday.
“Some investors are worried the market will have a big correction after the big rally and sold some stocks with weak fundamentals and earnings,” said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. “The upward momentum is still there because the macro-economy isn’t an issue.” ..”
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