|Published : 20 Sep 2016, 12:56:47|
China stocks step back in thin trading
China stocks stepped back in thin trading on Tuesday morning, with upbeat home price data bolstering the property sector in an otherwise sluggish market.
Both China's blue-chip CSI300 index and the Shanghai Composite Index fell 0.1 per cent, to 3,260.11 points and 3,024.08 points, respectively.
Trading turnover in Shanghai, which hit a 1-1/2-month low on Monday, remained thin.
Shenwan Hongyuan Securities Co advised clients in a note to adopt a wait-and-see cautious stance as the recent rebound in the market appeared technical in nature, and not sustainable.
Property stocks were in the spot light after fresh official data showed the average new home price in 70 major Chinese cities climbed 9.2 per cent from a year earlier in August, up from 7.9 per cent in July.
The property sector rose 0.5 per cent, offsetting weakness in banking and transportation shares.
On the whole, investors were nervously waiting on the outcomes of the Federal Reserve and Bank of Japan policy meetings that begin later in the session, according to a news agency report.