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December 4, 2020

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Indexes end mixed, drug sector gains

Major indexes on China’s stock market ended mixed yesterday.

The benchmark Shanghai Composite Index declined 0.21 percent to close at 3,442.14 points, dragged mainly by procyclicals.

The smaller Shenzhen Component Index was up 0.07 percent to finish at around 13,970.68, while the ChiNext Index gained 1.10 percent to end its trading day at 2,712.52 points.

Combined turnover on the two bourses came to 826.3 billion yuan (US$125.9 billion), compared with 880.9 billion yuan in the previous session.

Over half of the sectors saw losses, with non-ferrous metals leading the decline. Mining, national defense and iron and steel firms were among the top losers.

The medicines sector, however, recorded big gains, lifted by good news related to COVID-19 vaccines.

A private survey released yesterday shows growing services activity in China.

The Caixin/Markit services Purchasing Managers’ Index for November came in at 57.8, compared with October’s reading of 56.8.

The recovery marks a further acceleration in services activity and the fastest pace since June 2020, which echoes the pickup in activity seen in China’s official services PMI announced earlier this week.


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