Stocks see mixed performance

Stock markets in the Chinese mainland saw a mixed performance Thursday with investors selling stocks that had rallied over the previous week.

The benchmark Shanghai Composite Index fell by 0.85 points or 0.04 percent to close at 2,205.77 points on Thursday, and the Shenzhen Component Index declined 38.66 points or 0.45 percent to 8,472.02 points.

Combined turnover on the two bourses on Thursday was 246.9 billion yuan ($40.52 billion), up from Wednesday's 213.7 billion yuan.

The State Council released a statement Wednesday revealing that the country will set up a unified property registration system, which market watchers believe will pave the way for the rollout of a property tax.

The possible introduction of a property tax hit stocks in most of China's developers Thursday. China Vanke Co fell by 2.97 percent to 8.83 yuan and Poly Real Estate Group fell by 3.03 percent to 8.96 yuan.

Stocks were also hit by the release Thursday of HSBC's flash Purchasing Managers' Index for November, which fell to 50.4 percent, down from October's final reading of 50.9.

There was a fallback on Thursday in stocks that had risen after the release last week of reform plans made at the Third Plenary Session of the 18th Communist Party of China Central Committee.

Bluedon Information Security Tech Co, which gained almost 60 percent over six consecutive trading days since November 12, slid back down Thursday by 6.83 percent to 19.22 yuan.

However, stocks linked to the Tianjin free trade zone, oil companies, banks, and agriculture saw gains.

China Petroleum & Chemical (Sinopec) Corp rose by 1.83 percent to 5.02 yuan while PetroChina inched up by 1.65 percent to 8.03 yuan.

With media reports indicating that the Chinese authorities may grant fourth-generation (4G) licenses to the country's three major telecommunications companies in late November, stocks linked to 4G licenses climbed, following gains in the previous trading session.

Datang Telecom Technology Co and Fuchun Communications Co rose by the daily limit of 10 percent on Thursday.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, fell by 0.31 points or 0.02 percent to 1,298.95 points at the close Thursday.