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October 11, 2018

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Markets end mixed after a day of volatility

China’s stock markets ended mixed yesterday after a roller coaster ride, with the benchmark Shanghai Composite Index recording slight gains and the smaller Shenzhen Component Index suffering losses.

The A-share market opened higher, with three major indexes rebounding during the morning session. But the gains were wiped out due to losses led by heavyweights, including liquor stocks.

The market was rattled by rumors the government planned to raise taxes on some alcohol products.

The Shanghai Composite Index inched up 0.18 percent, or 4.82 points, to finish at 2,725.84, boosted by recently listed stocks, oil and gas companies and chip makers. More than 40 stocks jumped by the daily limit of 10 percent during intra-day trading.

The smaller Shenzhen Component Index dropped 0.44 percent to end at 8,010.69 points and the Nasdaq-style ChiNext enterprise board finished the day largely flat at around 1,346.70.

Industrial Securities said it remained cautious in the mid-term as external factors like the Sino-US trade tensions and shocks from emerging markets will continue to weigh on the A-share market.


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