Shanghai stocks decline for 3rd day, led by developers

SHANGHAI'S key stock index fell for the third day on concerns for more tightening measures on liquidity and the property market. The benchmark Shanghai Composite Index edged down 0.34 percent to 2,592.36 points. Turnover fell to 38 billion yuan (US$5.9 billion) from yesterday morning's 41.1 billion yuan. China's central bank resumed issuing 1 billion three-year bills after a four-week suspension. Analysts regard it as a sign of new measures to control liquidity, such as further raising interest rates or reserve requirement ratio. Property developers sagged on concerns for more tightening measures after 14 cities reported a drop in home prices last month, compared with only one from a year before. China Vanke lost 1.1 percent to 8.13 yuan. Poly Real Estate Co dropped 1.4 percent to 10.90 yuan. Airlines led the decliners after crude oil prices rose 1.1 percent in New York to US$87.58 per barrel yesterday. Air China fell 1.7 percent to 9.34 yuan. China Eastern Airlines shed 2.1 percent to 5.57 yuan.

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