SHANGHAI stocks vacillated this morning as property developers gained on a rise in home prices while coal mines and automakers languished.

The benchmark Shanghai Composite Index edged down 0.02 percent to 2,325.53 points by midday, Turnover was 42.3 billion yuan (US$6.8 billion).

The index yesterday posted the biggest fall in nearly 16 months, paring earlier gains to 19.3 percent since it began a rebound in December.

"The market grew more cautious as investors took a wait-and-see stance after the index plunged yesterday," said Changjiang Securities. "The index is likely to fluctuate within a certain range in the short term," it added.

Most property developers advanced after the National Statistics Bureau showed data that home prices rose in 53 of the 70 cities monitored by the bureau in January, the third month that marks rising home prices in more than 70 percent of the cities.

China Vanke, the nation's biggest developer, added 0.4 percent to 11.35 yuan. Poly Real Estate, the second-biggest developer, climbed 1.4 percent to 12.47 yuan. Gemdale Corporation lost 0.4 percent to 7.03 yuan.

Coal producer China Shenhua Energy Co declined 0.7 percent to 22.77 yuan. Shanxi Lu'an Environmental Energy Development Co dropped 1.6 percent to 20.96 yuan.

SAIC Motor Corporation fell among automakers, shedding 2.2 percent to 16.76 yuan. Anhui Jianghuai Automobile Co declined 4.3 percent to 8.14 yuan. Beiqi Foton Motor Co lost 1.4 percent to 7.12 yuan.