China stocks slip, property shares down on construction concerns

jueves 1 de septiembre de 2016 00:57 GYT
 

* SSEC -0.2 pct, CSI300 -0.3 pct, HSI +0.5 pct

* Property boom may be losing steam - economist

* Bank stocks fall as chance of stimulus fades

By Nathaniel Taplin

SHANGHAI, Sept 1 (Reuters) - China stocks fell on Thursday as investors sold real estate stocks following official August purchasing managers' index (PMI) data showing activity slowing in the construction sector.

Property stocks led indices lower with the Shanghai Composite property sub-index down 1.6 percent by midday.

"While the official non-manufacturing PMI remains strong, it did soften from 53.9 to 53.5 last month. This was entirely due to a fall in the construction sector sub-index," wrote Julian Evans-Pritchard, China economist at Capital Economics in Singapore.

"The stats bureau has blamed the drop on disruptions due to flooding and unusually hot weather but it may also be a sign that the recent property boom is starting to run out of steam," he said.

Finance stocks also slipped as the strong official manufacturing PMI, which unexpectedly moved back into positive territory in August, appeared to dampen the chances of further monetary stimulus. The CSI 300 financial services sub index dropped 0.6 percent.   Continuación...