China stocks ended slightly lower on Tuesday, with a correction in banking and resource shares countering a surge in property firms that was triggered by hopes of more support measures for the real estate market.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.5 percent to 3,694.39 points, while the Shanghai Composite Index lost 0.3 percent to 3,510.35 points.
Chinese leaders, meeting ahead of an agenda-setting conference, pledged on Monday to keep the country’s economic growth in a “reasonable range” in 2016 by expanding domestic demand and making supply-side improvements.
A Reuters poll taken over the past week showed analysts expect the Shanghai Composite Index to rise to 3,600 by the middle of next year before adding 8 percent to end 2016 at 3,900.
Property stocks surged as the government vowed to take more steps next year to help companies lower costs, tackle high inventories of unsold homes and ward off financial risks. An index tracking the sector jumped 3.1 percent.
“An important step towards normalising the economy is having a stable property sector so it is likely a high-priority item for the authorities,” wrote Gerry Alfonso, director at Shenwan Hongyuan Securities Co.
But banking, infrastructure and resource shares fell as investors took profits after the previous day’s sharp rally. (Reporting by Samuel Shen and Pete Sweeney; Editing by Kim Coghill)
Shares of SINA Corp (NASDAQ:SINA) traded up 1.73% during last trading session on a U.S. exchange, closing at $46.94. The company now has a market value of $2.74B. The stock, after recent close, is -1.93% below their SMA 50 and -23.36% below the 52-week high. The worst hit in its 52 week range is $31.92 per share, with $61.25 as its 52 week best price.
Trina Solar Limited (ADR) (NYSE:TSL) closed U.S. trading at $10.66, up 11.62% from previous close. The year-to-date (YTD) performance reflected a 15.12% above last year. During the past month the stock gains 13.04% ,bringing three-month performance to 14.13% and six-month performance to -18.06%.
Vipshop Holdings Ltd – ADR (NYSE:VIPS), settled at $16.58 during New York trading, down 3.75% from previous close and at a distance of 6.78% from 20-day simple moving average. In the last trading session, the stock’s price moved -24.56% below its 200 day moving average. The stock is currently trading -7.18% below its SMA 50.