China Stocks to Trade Sideways After Rebound
China stocks are expected to trade sideways after yesterday's rebound. The Shanghai Composite gained 1.39 percent to end at 2378.89 amid higher turnover.
State-owned firms' profits declined in the January-April period. The worst performers were from the resources, construction, and transportation industries.
Zhang Xiaohong, a market regulation official at the Ministry of Housing and Construction, said a decline in property prices will be the theme of the market in the short term.
Regulators will review a record nine initial public offering applications on Friday. The faster pace of IPOs coming to market — the pipeline has 700 companies — is likely to weigh on sentiment.
Stocks to Watch
Property Stocks - China's bureau of statistics is due to release the 70 cities' housing prices data at 9:30 a.m. SGP/HK time, when the Chinese market opens. March was the first month in which the average price had shown a year on year drop.
—By Cheng Lei, CNBC Asia Pacific