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March 14, 2019

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ChiNext slides as bourses reverse rally

Chinese stocks fell yesterday, ending a two-day rally, with the top-performing ChiNext Index plunging 4.49 percent.

The Shanghai Composite Index lost 1.09 percent to close at 3,026.95 points after hitting an intra-day low of 3,013.93 points and the smaller Shenzhen Component Index fell 2.53 percent to 9,592.06 points.

Total turnover for Shanghai and Shenzhen bourses hit 1.05 trillion yuan (US$156.4 billion), compared with 1.13 trillion yuan the previous day.

The ChiNext, China’s Nasdaq-style board of growth enterprises that has outperformed other domestic benchmarks this year, suffered a major retreat to close at 1,693.86 points, a dive of 79.57 points from the day before. Turnover on the board dropped to 184 billion yuan from Tuesday’s 212.6 billion yuan, which was the highest single-day trade volume in its history.

Livestock and poultry-raising firms, telecoms services providers and media companies, which were among the strongest gainers over the past two days, all closed notably lower yesterday, losing 4.34 percent, 4.1 percent and 2.32 percent, respectively.

High-tech park development companies led the rises with an average rise of 6.88 percent across the sector. Major gainers included Beijing Electronic Zone Investment and Development Group, Shanghai Zhangjiang High-Tech Park Development Co and Nanjing Gaoke Co, which all rose by the 10 percent daily cap, as well as Shanghai Shibei High-Tech Co, which jumped 9.93 percent.


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