(RTTNews) - Chinese stocks closed lower on Monday, led by property developers, as expectation for an interest rate cut over the weekend failed to materialize. The Shanghai Composite Index closed down 30.7 points or 1.5% at 1,987.8 after rising 3.3% last week. The expiry of share lock-up periiods also added to the negative investor sentiment.

According to local media reports, 15.33 billion shares in 70 firms will become freely tradable this week due to the expiry of lock-up provisions either linked to initial public offerings or to reforms of companies’ state shareholding structures.

China Pacific Insurance Group slumped 5.1% after the company said that around 1.58 billion of its shares would emerge from a lock-up period and become tradable on Thursday. Property developer China Vanke plunged 4.9%.

Oil refiner Sinopec dropped 3.1%, while index heavyweight PetroChina lost 1.4% amid news that fuel prices would be cut and that tax would be hiked.

Baoshan Iron and Steel, China’s largest steel maker, fell 2.8% and Industrial & Commercial Bank of China shed 1.1%.

Among gainers, Jiangxi Copper rose 2.2% as base metals futures in Shanghai surged by their 4% daily limit, buoyed by emergency loan plans for U.S. automakers from the U.S. and Canadian governments.

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