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December 1, 2020

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China stocks end mixed amid sell-off

Major indexes on China’s stock market ended mixed yesterday amid sell-off sentiment.

The benchmark Shanghai Composite Index was down 0.49 percent to close at 3,391.76 points, as investors’ enthusiasm was dented after a fall in banking shares.

The smaller Shenzhen Component Index lost 0.15 percent to finish at 13,670.11, while the ChiNext Index gained 0.49 percent to end its trading day at 2,631.89 points.

Combined turnover on the two bourses came to 950.7 billion yuan (US$144.6 billion), compared with 725.7 billion yuan in the previous session.

China said yesterday that its manufacturing activity expanded for the ninth straight month in November.

The official Manufacturing Purchasing Managers’ Index for November came in at 52.1, according to the National Bureau of Statistics, the highest reading in more than three years.

Led by large enterprises, retail sales growth in China is likely to continue to increase on the back of strong Singles Day sales, but will likely remain a weak point in the economic recovery, HSBC said in a note yesterday.


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