MARKET COMMENT : China Shares Biased Down; Shanghai Floor At 2300
02/21/2013| 07:59pm US/Eastern
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0043 GMT [Dow Jones] China shares are likely to consolidate with a downward bias, weighed by weakness in U.S. stocks Thursday, analysts say. The Shanghai Composite Index may find immediate support at 2300 after ending down 3.0% at 2325.95 Thursday, its biggest drop in more than a year, as investors worried about a potential fresh crackdown on the country's rebounding property sector and weighed signs of tighter monetary conditions at home and abroad. "The market correction may extend in upcoming sessions as sentiment has been hurt by Thursday's slump," says Shenyin Wanguo Securities analyst Li Xiaoxuan. "We would suggest investors to stay on the sidelines for the time being," she adds. The Shenzhen Composite Index fell 2.0% to 950.01 Thursday. (amy.li@dowjones.com)
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