Futures on the CSI 300 Index expiring in June, the most active contract, slid 0.4 percent to 2,126.20 as of 9:18 a.m. Poly Real Estate Group Co. may be active after new-home prices climbed in 44 of the 70 cities tracked by the government, the fewest since October 2012. China Minsheng Banking Corp. may be active after UBS AG said it was cautious on the lender��s shares after the government ordered curbs on interbank borrowing. Wuliangye Yibin Co. may drop after China Securities Journal reported the liquor producer had cut retail prices.
The Shanghai Composite rose 0.1 percent to 2,026.50 on May 16, capping an 0.8 percent gain for the week. The CSI 300 Index climbed 0.1 percent on May 16. while the ChiNext index dropped 2.2 percent in Shenzhen, entering a bear market after tumbling 21 percent from a record high of 1,558.62 on Feb. 17.
The Shanghai measure has lost 4.2 percent this year on concern the growth slowdown will curb earnings and the potential resumption of initial public offerings will divert funds. The regulator hasn��t approved any listing of IPO shares since January as it reforms the process to make offerings more market-oriented.
The ChiNext had dropped 21 percent from its February peak, on concern valuations are too high as the economy slows.
China��s small-cap stocks are a œbuying opportunity without a doubt, after the ChiNext entered a bear market, Aaron Boesky, chief executive officer of Marco Polo Pure Asset Management in Hong Kong, said in a May 16 phone interview.
Source : Bloomberg