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Chinese Shares Drop For a Third Day
 

Major Chinese stock indexes closed lower for a third trading day Thursday, dragged partly by banking and oil sectors.

The benchmark Shanghai Composite Index was down 0.45 percent to close at 3,154.65. The Shenzhen Component Index closed 0.63 percent lower at 10,564.13.

Combined turnover totaled 382 billion yuan (about 60 billion U.S. dollars), down from 461 billion yuan the previous trading day.

Weak performance of banking and oil sectors were part of the reason behind the declines.

The sub-index for oil was down by 0.78 percent, with Sinopec, the largest oil refiner in China, down 0.14 percent.

The banking sub-index dropped 0.71 percent. The Industrial and Commercial Bank of China, China's largest commercial bank, dropped 1.37 percent. China Construction Bank and the Agricultural Bank of China both dropped by more than 1 percent.

Bucking the trend, shares associated with free trade zones were strong, after the country unveiled plans to further deepen reform and opening-up in pilot free trade zones (FTZs) in Guangdong, Tianjin and Fujian.

The sub-index for Guangdong FTZ rose 1 percent, with the Zhuhai Port Co. Ltd. surging 4.13 percent.

The ChiNext Index, which tracks China's NASDAQ-style enterprises, lost 0.41 percent to close at 1,838.4.


(www.chinaview.cn 2018-05-25)
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