Shanghai stocks end lower, blue-chip CSI300 index down


Devdiscourse News Desk | Updated: 07-11-2018 13:14 IST | Created: 07-11-2018 12:55 IST
Shanghai stocks end lower, blue-chip CSI300 index down
(Image Credit: Pixabay)
  • Country:
  • China

China stocks ended a volatile session lower, with weak earnings and an uncertain economic outlook outweighing government pledges of support for wavering markets. 

At the close, the Shanghai Composite Index was 0.7 per cent lower at 2,641.34 points.

The blue-chip CSI300 index also lost 0.7 percent, with its financial sector sub-index falling 0.89 percent. The consumer staples sector was up 0.03 per cent while the real estate index was down 1.08 per cent and the healthcare sub-index was down 0.54 per cent.

Citic Securities dropped 2.43 per cent after the company reported a 28 per cent fall in net profit in October from a month earlier. An index tracking securities firms ended 1.88 per cent lower. 

The smaller Shenzhen index ended down 0.43 per cent and the start-up board ChiNext Composite index was weaker by 0.248 per cent.

China's premier said on Tuesday the country will not resort to strong monetary stimulus, but instead, it will take targeted policy steps to support private companies and smaller businesses.

The country's central bank will step up funding support for private firms including developing an equity financing tool, its chief, Yi Gang, said on Tuesday.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.28 per cent while Japan's Nikkei index closed down 0.28 per cent.

At 07:01 GMT, the yuan was quoted at 6.9322 per U.S. dollar 0.21 per cent weaker than the previous close of 6.9177.

The largest percentage gainers in the main Shanghai Composite index were Shanghai Shibei Hi-Tech Co Ltd, up 10.09 per cent, followed by Shenzhen Geoway Co Ltd, gaining 10.09 per cent and Zhejiang Golden Eagle Co Ltd, up by 10.08 per cent.

The largest percentage losers in the Shanghai index were Jiangsu Hongtu High Technology Co Ltd down 10.02 per cent, followed by Eastern Gold Jade Co Ltd losing 9.96 per cent and Jiangsu Zongyi Co Ltd, down by 7.17 per cent.

So far this year, the Shanghai stock index is down 20.1 per cent, the CSI300 has fallen 20.1 per cent while China's H-share index listed in Hong Kong is down 9.1 per cent. Shanghai stocks have risen 1.48 per cent this month.

About 17.32 billion shares were traded on the Shanghai exchange, roughly 113.9 per cent of the market's 30-day moving average of 15.20 billion shares a day. The volume in the previous trading session was 16.37 billion.

As of 07:03 GMT, China's A-shares were trading at a premium of 18.12 per cent over the Hong Kong-listed H-shares.

The Shanghai stock index is below its 50-day and 200-day moving averages.

The price-to-earnings ratio of the Shanghai index was 11.14 as of the last full trading day while the dividend yield was 2.8 per cent.

So far this week, the market capitalisation of the Shanghai stock index has fallen by 0.64 per cent to 28.45 trillion yuan.

(With inputs from agencies.)

Give Feedback