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May 24, 2019

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Computer shares drag down stocks in China

By Huang Yixuan | 00:18 UTC+8 May 24, 2019 | Print Edition

Shanghai stocks extended losses yesterday, falling by over 1 percent after sharp drops in computer shares and the communications sector.

The Shanghai Composite Index fell 1.35 percent to close at 2,852.52 points. The smaller Shenzhen Component Index plunged by 2.56 percent, while the blue-chip CSI300 index ended 1.79 percent lower at 3,583.96 points.

Stocks of over 3,000 companies listed on the A-share markets went down, with over 80 stocks slumping by the daily limit of 10 percent.

Total turnover on the two major bourses remained unchanged, shrinking slightly to 464.62 billion yuan (US$66.37 billion) compared with the 469.26 billion yuan in the previous session.

Computer shares led the losses, with Wind Information’s sub-index plummeting by 4.65 percent. Netac Technology Co and China Greatwall Technology Group Co fell over 8 percent.

Internet companies including Wutong Holding Group Co, Beijing Kunlun Tech Co and Fuchun Technology Co all sank by the 10 percent daily cap.

Companies in the communications equipment sector were also among the biggest decliners, with Shenzhen Asia Link Technology Development Co and Shenzhen SDG Information Co both plunging by the maximum 10 percent.

Agricultural shares, automobile companies and the software sector all slipped.

Stocks related to the rare-earth permanent magnet sector, however, edged up.

Innuovo Technology Co posted robust gains of 10 percent for five days, only falling by 4.46 percent on Wednesday.

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