SHANGHAI: China's main stock index sank to a fresh 12-month low in tiny turnover on Tuesday, undermined by a continued slide in property shares. The benchmark Shanghai Composite Index ended the morning down 1.19 percent at 3,257.574 points, after hitting a low of 3,212.150.
That left it below an 11-month low of 3,271.290 hit on April 3, which traders had considered technical support. The index lost 5.62 percent on Monday, posting its biggest drop since January, as property developers were hit by rumours that authorities might take fresh action to curb rises in real estate prices.
Poly Real Estate Group lost 7.41 percent to 22.50 yuan after dropping 10 percent on Monday. It said its first-quarter net profit soared 230 percent, but this was partly because some of last year's sales were settled during the quarter, and investors are in any case looking toward the second half of this year.
