On the downside, shares of index heavyweight Tencent Holdings are seeing further losses, sliding another 4%. The Internet giant touched a record high in early March, fueled by a bullish outlook for China’s growing e-commerce and mobile markets. However, shares have retreated since then amid concerns that valuations may be too high, with Tencent sinking 12.5% over the past month.
Other tech names are sliding along Tencent, with software firm Kingsoft Corp. dropping 4.6% and NetDragon Websoft down 1.5%.
Chinese property developers also remain weak, as KWG Property Holdings falls 2.9%, Sino-Ocean Land Holdings drops 2.5%, Country Garden Holdings pulls back 1.6%, and Vanke Property gives up 1.2% despite a 24% year-on-year rise in parent China Vanke’s sales for the first quarter of 2014.
However, oil shares are outperforming, as Cnooc advances 2%, PetroChina Co. gains 1.8%, and China Petroleum & Chemical Corp. (a.k.a. Sinopec) pushes 1.2% higher.
And China’s largest carrier of crude oil and coal — China Shipping Development — is rallying 4.9%, after it issued an optimistic earnings forecast for the first quarter of this year due to a rebound in petroleum-shipping prices.