Chinese stocks fell Thursday as investors sold banks and property shares amid mounting pessimism over future market trends, AP reported. The benchmark Shanghai Composite Index fell 1.7 percent, or 57.59 points, to 3,401.44. The Shenzhen Composite Index fell 2.2 percent to 1,033.69. Many investors are holding back awaiting inflation data, the consumer price index, for May that might yield clues regarding future monetary policies, analysts said. «The market will remain (range-bound) for a while, but a turning-point may come after the CPI data release in June,» said Chen Huiqin of Huatai Securities. Industrial & Commercial Bank of China, the country's biggest lender, fell 1.4 percent to 5.83 yuan. Leading property company China Vanke slipped 4.4 percent to 20.10 yuan. In currency dealings, selling of U.S. dollars by Chinese banks pushed the yuan higher. The dollar was at 6.9366 yuan around 0730 GMT on the over-the-counter market, down from Wednesday's close of 6.9444.
