Shanghai stocks slip as Asia markets rally

China's stock markets didn't join in with the rally seen on bourses across Asia on Monday as the Shanghai Composite Index (SCI) fell 1.5% to close at 4,958.85 points. It is the lowest the index has been since August 21, following on from a poor performance last week, the Wall Street Journal reported. The damage was done by SCI heavyweight PetroChina, which fell 2.4% on top of last week's loss of 11%. Gains elsewhere in the region were driven by strong US shopping figures over the Thanksgiving weekend. Hong Kong's Hang Seng Index closed up 4.1% at 27,626.62. Investor sentiment received a boost on Friday as Lee Shau-kee, chairman of property developer Henderson Land, saying that he expects the HSI to rebound to 30,000 by the end of this year. Lee added that he has put aside US$1.2 billion to invest in the market.