China stocks drop for fifth day

China's stocks dropped for the fifth consecutive trading day Wednesday to a two-month low, partly due to a media report concerning stricter property curbs. The benchmark Shanghai Composite Index moved down 0.99 percent, or 22.64 points, to end at 2,263.97. The Shenzhen Component Index dropped 0.99 percent, or 90.42 points, to 9,073.22. Combined turnover shrank to 147.96 billion yuan (23.59 billion U.S. dollars) from 197.28 billion yuan on the previous trading day. Losers outnumbered gainers by 686 to 284 in Shanghai and by 1075 to 421 in Shenzhen. A report carried by Internet portal Sina.com said authorities have prohibited the registration of new home sales with prices higher than the required maximum price, citing sources from major property developers. China Vanke, the country's largest developer by market value, dropped 2.41 percent to 10.95 yuan, while Poly Real Estate dived 3.8 percent to 11.14 yuan. Many other heavyweights also performed poorly on Wednesday. PetroChina, the country's largest oil and gas producer, dropped 1.12 percent to 8.86 yuan per share. China Shenghua, the largest coal producer in China, was down 0.77 percent to 21.82 yuan. Bank of China dropped 1.02 percent to 2.92 yuan.