SHANGHAI stocks dropped today as investors adopted a cautious stance ahead of economic data due to be released on Friday.

The Shanghai Composite Index slipped 0.13 percent or 3.07 points to 2,448.88. Turnover stood at 105 billion yuan (US$16.7 billion) at the trading close.

The consumer price index, a main gauge of inflation, is expected to ease to 3.3 percent in April from 3.6 percent in March, according to a report released by the Bank of Communications. The National Bureau of Statistics is scheduled to release April CPI figures on Friday.

Media and entertainment companies gained as the Ministry of Finance today announced it will increase cultural investment at all levels. Hunan Tangel Publishing Co jumped the daily limit of 10 percent to 17.13 yuan. Bestv New Media Co gained 3.4 percent to 15.64 yuan. China Television Media rose 2.8 percent to 13.89 yuan.

Brokerages held the market back. Sealand Securities slumped 7.72 percent to 25.10 yuan. Sinolink Securities dropped 3.47 percent to 14.48 yuan. Hongyuan Securities fell 3.16 percent to 15.30 yuan.

Property developers continued a weak run due to a prolonged slump in the real estate market. China Vanke, China's biggest developer by market value, lost 0.3 percent to 9.04 yuan. Gemdale Group fell 0.2 percent to 6.62 yuan.

The volume of home sales dropped last week in 70 percent of the cities surveyed, according to figures from China Index Academy.

Source:shanghaidaily