WRAPUP 1-China stocks slide, property price surge sparks asset rotation worries

lunes 29 de febrero de 2016 05:35 GYT
 

* SSEC down 2.9 pct, CSI300 off 2.4 pct

* Analysts see 1st tier property markets cannibalizing capital

* Earnings in high-growth stocks disappoint - analysts

* G20 seen as lacking substance (Updates index points)

By Samuel Shen and Pete Sweeney

SHANGHAI Feb 29 (Reuters) - China stocks closed at their lowest levels in a month on Monday as growth stock earnings disappointed and investors brushed off optimistic statements from China's policymakers at the weekend's G20 summit of global financial leaders.

And while a rapid surge in property prices in China's largest cities is supporting real estate counters, analysts say it could drive investors to switch out of stocks into property in the longer-run.

The blue-chip CSI300 index closed down 2.4 percent on Monday at 2,877.47 points, having touched the lowest level in nearly 15 months during intraday trade. A late-afternoon gain in banking shares helped the index narrow its losses.

The Shanghai Composite Index shed 2.9 percent, to 2,687.98 points, pressing against the intraday support level in late January around 2,638 points, and Hong Kong shares closed down 1.3 percent in line with their mainland counterparts.   Continuación...