China's stocks pull back Friday after strong gains

China's stock markets pulled back on Friday after posting strong gains the previous day on the central bank's move to ease restrictions on lending. The benchmark Shanghai Composite Index dipped 1.1 percent, or 26.2 points, to close at 2,360.66. The Shenzhen Component Index shed 1.11 percent, or 109.63 points, to finish at 9,808.23. Combined turnover shrank sharply to 111.29 billion yuan (17.47 billion U.S. dollars), down from 178.8 billion yuan on the previous trading day. Losers outnumbered gainers 808 to 132 in Shanghai, and 1,194 to 166 in Shenzhen. The retreat followed a strong rally in the previous day after the country's central bank announced cutting banks' reserves requirement ratio (RRR) by 50 basis points effective Dec. 5. Property shares were briefly lifted by the news, but failed to hold on to gains Friday. Shares of WorldUnion Properties slumped 6.91 percent to 12.39 yuan per share. Poly Real Estate shed 0.41 percent to close at 9.69 yuan. Electric power-related stocks dropped across the board. Huaneng Power International Inc. slid 5.88 percent to 4.48 yuan per share, while GD Power Development Co., Ltd. dipped 4.62 percent to 2.48 yuan per share. Bucking the trend, banking shares pulled up in the afternoon trading, with the Bank of Nanjing gaining 2.2 percent to end the day at 9.28 yuan per share.