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China shares end up as bank gains outweigh property pains
September 18, 2014 / 7:07 AM / 3 years ago

China shares end up as bank gains outweigh property pains

HONG KONG, Sept 18 (Reuters) - China shares held onto slim gains on Thursday, as a jump in banking stocks outweighed falling property developers hurt by weak housing data.

The Shanghai Composite Index edged up 0.4 percent to 2,315.90 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings closed up 0.3 percent.

Property companies were among the hardest hit. China’s new home prices fell in August for a fourth straight month and declines spread to a record number of cities, underlining a deepening downtrend in the property market that is increasingly weighing on the broader economy.

Gemdale Corp shed 2.9 percent, while Poly Real Estate Group lost 0.9 percent.

Bank shares outperformed buoyed by reform measures in financial firms and reports about the central bank’s effort to boost liquidity.

China Citic Bank climbed 4.6 percent, Bank of Communications added 1.9 percent, and Shanghai Pudong Development Bank rose 1.7 percent.

Reporting by Grace Li; Editing by Jacqueline Wong

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