China stocks slump as funds seen migrating to property

lunes 29 de febrero de 2016 01:52 GYT

* SSEC down more than 4 pct, CSI300 -3 pct

* Analysts see 1st tier property markets cannibalizing capital

* Earnings in high-growth stocks disappoint - analysts

* G20 seen as lacking substance

By Samuel Shen and Pete Sweeney

SHANGHAI Feb 29 (Reuters) - Chinese investors bailed out of stocks on Monday on worries that funds were migrating from shares into property and disappointing earnings among high-growth companies.

The fall adds to losses accrued from a similar sharp drop last week, when indexes ended down more than 6 percent in a single day, as Beijing's efforts to salvage a stock crash last summer continue to lose steam.

The CSI300 index fell 3.0 percent, to 2,859.10 points at the end of the morning session, while the Shanghai Composite Index was down 3.4 percent, to 2,673.36 points. At one point, the SSEC was down as far as 4 percent.

The Shanghai index is pressing against the intraday support level in late January around 2,638 points, and remains well below the false bottom it found in August, when the Chinese government unleashed a massive market intervention to return the market to a "reasonable bull market."   Continuación...