Property sector woes pull Chinese stock markets to two month low

20-Jun-24   15:45 Hrs IST

Chinese shares slipped on broad economic concerns after the country’s central bank PBOC kept the country's benchmark lending rates steady. The benchmark Shanghai Composite Index closed down 0.4% at 3005.44, testing two month low. Real estate shares slipped after home prices declined at a faster pace in May in major cities despite recent stimulus measures.

China left benchmark lending rates unchanged at a monthly fixing on Thursday. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 3.95%. The five-year LPR was lowered by a decent 25-basis-point in February to support the housing market.

China's new home prices fell at the fastest pace in more than 9-1/2 years in May, official data showed on Monday.

Asian markets were choppy amid lack of cues from overnight trades. US equities were shut for a public holiday yesterday.

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