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April 9, 2020

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Shares dip after week opened up

China stocks retreated slightly from Tuesday’s rally, but rich communication services continued to perform strongly.

The benchmark Shanghai Composite Index dipped 0.19 percent to 2,815.37 points, while the smaller Shenzhen Component Index edged down 0.41 percent to 10,386.55 points.

The mainland markets saw a net outflow of 3.45 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

The agriculture, forestry, animal husbandry and fishery sector, the biggest gainer in the previous session, led the fall yesterday, with Jiangsu Lihua Animal Husbandry Co and Baiyang Investment Group both losing over 8 percent. Food and beverage shares also retreated.

Stocks related to RCS, however, maintained their strong performance, with Beijing Ultrapower Software Co, ZJBC Information Technology Co and Richinfo Technology Co all soaring by the maximum 10 percent. Shares related to online tourism also jumped in general.

On the STAR Market, 51 of the 94 listed firms rose, one remained flat and the others declined. The biggest gainer, Beijing Worldia Diamond Tools Co, ended 8.03 percent higher, while Beijing Kingsoft Office Software lost the most, by 5.04 percent.


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