As China's efforts to boost economic growth pushed stocks in Shanghai to their best month in two years, technology companies traded offshore were left out of the rally as investors see them benefiting least from the stimulus.

The $185 million KraneShares CSI China Internet exchange-traded fund, which tracks stocks listed in the United States and Hong Kong, was little changed last month, as the Shanghai Composite Index surged 11 percent. Property companies rose the most among five industry groups in the benchmark gauge, rising 21 percent. Stocks rallied after the central bank unexpectedly lowered deposit and lending rates to support an economy projected to expand this year at the slowest pace since 1990.

"There probably isn't as big an impact on tech as other sectors of the economy," Walter "Bucky" Hellwig, who helps manage $17 billion at BB&T Wealth Management in Birmingham, Alabama, said on Friday. "In construction and heavy industry, their end markets are impacted by the availability of funds.

In terms of creating ability to buy, lower rates and liquidity create a bigger pool of buyers for real estate."

Companies from Tencent Holdings Ltd to JD.com were passed over as investors piled into China's "traditional economy", which includes the banking, construction and real estate industries poised to get the biggest boost from monetary stimulus, according to Brendan Ahern, managing director at New York-based Krane Fund Advisors LLC. Many of China's biggest Internet companies only trade overseas.

China "has had a great run", Ahern said. "Now you are seeing a bit of a reversion to the mean with the traditional side of the economy catching up. That stimulus is really oriented to traditional China."

China Vanke Co, one of the country's largest real estate developers, gained 16 percent in November, the biggest monthly gain since July, on expectations its residential and mass-market housing business will benefit from cheaper credit.

Financial stocks in Shanghai on average rose 21 percent in the month through Friday. China Everbright Bank Co gained 28 percent to 3.80 yuan ($0.62) in November, the biggest monthly rally since its 2010 initial public offering, while China CITIC Bank Corp advanced 25 percent for its third straight monthly gain. A link opening up mainland Chinese stocks to more foreign investment that opened Nov 17 also helped boost the Shanghai composite.

Bloomberg's index of the most-actively traded Chinese companies in the US slipped 1 percent last month, led by sports-lottery service provider 500.com Ltd's 32 percent slump.

Beijing-based e-commerce operator JD.com Inc declined 1.6 percent, extending its losing streak to a third month. Baidu Inc, China's largest search engine, added 2.7 percent, while online retailer Vipshop Holdings Ltd slid 0.3 percent.

"Competition is only getting worse with everyone ramping up investment," Henry Guo, a senior analyst at JG Capital Corp, said. "Many of the tech companies which are now market leaders could lose their advantage after small players take up the opportunity to develop mobile businesses."