1st LD-Writethru: Chinese stocks end lower, dragged by property, steel shares
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E-mail Xinhua, August 1, 2018
BEIJING, Aug. 1 (Xinhua) -- Chinese stocks closed lower on Wednesday, dampened by drops of steel, military, and property shares.
The benchmark Shanghai Composite Index went down 1.8 percent, closing at 2,824.53 points.
Bucking the trend, shares of free trade ports, Tianjin FTZ and papermaking led the gains.
The Shenzhen Component Index closed 1.89 percent lower at 9,005.37 points.
A meeting of the Political Bureau of the Communist Party of China Central Committee on Tuesday stressed that the problems in the property market must be resolved properly. A differentiated approach to property market regulation of different cities should be upheld firmly to promote balanced supply and demand.
The expectation should be properly guided and the market order should be regulated to firmly curb the rise in home prices. The establishment of a long-term mechanism to promote the stable and healthy development of the property market should be accelerated, said the meeting.
The ChiNext Index, China's NASDAQ-style board of growth enterprises, was down 1.24 percent to close at 1,541.86 points Wednesday. Enditem
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