Asian stocks all dipped into the red Monday Chinese property developers falling the most after reports suggested some banks have tightened lending to some real-estate firms
The Shanghai Composite fell 2.0% to 2071 at 11:30 a.m.
Data released today showed growth in new home prices in China's first-tier cities slowed during January following restrictive measures implemented by local governments to curb spiralling prices.
Stocks on the Move
Property shares tumbled the most in mainland China on heels of the data. Gemdale Corp. tumbled 6.7% while Poly Real Estate plunged over 8%.
The broader Shenzhen-listed China Vanke retreated 6.2%
In Hong Kong, China Resources Land dropped 7.7% and Poly Property Group declined 6.7%.
Lenders added to the losses-- ICBC slipped around 2% and Agricultural Bank of China gave up 2.4%.
Airline stocks were also grounded. Cathay Pacific fell 3%, China Eastern Airlines erased 4.2% while Air China lost 1%.
Other notable movers included exporters. Esprit Holdings was down 3.3% but Belle International Holdings rose 3% after reporting upbeat results.
Exporters in Tokyo were trading modestly lower amid choppy trades. The benchmark index swung between gains and losses as investors eyed profits.
NEC COrp. gained 2% and Panasonic Corp. climbed 0.7% but Toshiba Corp. and Fujitsu Ltd. lost 2.3% each.
In Sydney, some corporate announcement were in focus. BlueScope soared nearly 7.5% after the company reported higher half-yearly net profit.
Beach Energy, which also posted improved results, bounced more than 9%.
Monadelphous Group jumped nearly 6% after the company bagged a $608 million construction contract for Ichthys LNG project.
Caltex Australia climbed over 2% after announcing quarterly results.
Also on the upside, most banks made modest moves up. ANZ gained over a percent while Westpac added 0.5% but NAB lost 0.6%.
Miners were also mixed -- BHP Billiton added 0.4% but Rio Tinto erased 1.1%.
Gold miners traded higher -- Newcrest Mining was 2.6% brighter. Fellow miner Perseus Mining was up 3.3%
In Mumbai, Tata Power rose 4.3% but state-run NTPC plunged over 10% after central electricity regulator upheld its earlier order, allowing Tata Power to raise electricity tariffs to offset additional costs incurred for importing coal.
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