Property developers and raw material firms pull Shanghai shares lower

But financial shares gained following the US Fed's signal of  one more rate hike later this year
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SHANGHAI stocks dipped, led by property developers and raw material firms.

The Shanghai Composite Index trimmed 0.24 percent to 3,357.81.

Real estate companies pulled the index lower amid concerns that further purchasing limits and a higher mortgage rate would hurt business. Gemdale Corporation fell 2.74 percent to 12.41 yuan while Shanghai Shimao Co retreated 2.6 percent to 5.63 yuan.

Lithium battery producers and new energy car related shares also gave up their gains. Shenzhen Desay Battery Technology Co shed 0.40 percent to 51.77 yuan, Guizhou Redstar Developing Co sank 9.52 percent to 14.45 yuan while Hengdian Group DMEGC Magnetics Co lost 9.02 percent to 11.09 yuan.

But financial shares gained following the US Federal Reserve's tightening moves which signaled that higher interest rates might push up earnings. Bank of Communications jumped 2.21 percent to 6.94 yuan while the Industrial and Commercial Bank of China added 2.76 percent to 5.95 yuan.

The Fed indicated on Wednesday that there would be one more rate hike later this year.


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