Equities dip, led by real estate firms

SHANGHAI - Mainland stocks fell, extending a weekly slump, as developers and liquor producers dropped after the government stepped up measures to curb property gains and Kweichow Moutai Co reported a lower-than-estimated profit.

"Investors should avoid property stocks even though valuations are low because the government still has more measures to curb real-estate prices up its sleeve," said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co.

The Shanghai Composite Index lost 14.03, or 0.5 percent, to close at 2969.5, the lowest since Feb 9. The CSI 300 Index slid 0.6 percent to 3172.