Finance, property stocks weigh on Shanghai market

Ding Yining
Investors took refuge in gold miners and defense shares amid heightened geopolitical tensions. Tech firms also got a boost from Tesla's Model Y announcement.
Ding Yining

Shanghai stocks sank more than 1 percent as losses to financial shares and property giants weighed on the market.

The benchmark Shanghai Composite Index retreated 1.22 percent to 3,066.89 points after investors took precautionary measures following declines in overseas markets.

The financial sector and brokerages were the worst performers, while metal producers bucked the downward trend. 

Galaxy Securities dropped 3.27 percent to 13.33 yuan (US$1.92) and Guoyuan Securities lost 2.67 percent. Citic Securities sank 2.96 percent. 

AJ Corporation lost 3.81 percent to 9.34 yuan and Poly Real Estate Group went down 1.71 percent. 

Defense shares surged amid heightened geopolitical tensions. Both Anhui GreatWall Military Industry Co and Xi'an Chenxi Aviation Technology Corp hit the daily limit of 10 percent. 

New energy vehicle makers and smart mobility technology providers also picked up following Tesla's latest announcement that it would start Model Y production at its Shanghai factory. 

Aotecar New Energy Technology Co Ltd jumped 10 percent to 2.38 yuan and Zhejiang Sanhua Intelligent Controls Co advanced 3.88 percent to 19.53 yuan. Ningbo Joyson Electronic Corp rose 8.95 percent to 21.80 yuan. 

Shandong Gold Mining Co hiked 4.71 percent to 38.49 yuan and Zhongjin Gold Mining Co went up 4.39 percent to 9.52 yuan. 

Other metal producers showed mixed results. Jiangxi Copper Co was down 1.46 percent and Aluminum Corporation Of China Limited slid 2.49 percent to 3.52 yuan. 

Guotai Junan Securities researcher Liu Yi noted that technology shares with relatively low market valuations are being picked up by investors looking for opportunities in new technologies.

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