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September 13, 2017

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Chinese shares see mixed close

CHINESE stocks closed mixed yesterday, as gains rooted in consumer and financial firms were pared by profit-taking in lithium battery producers late in the session after Monday’s gains.

The Shanghai Composite Index edged up 0.09 percent to 3,379.49 points, while the Shenzhen Component Index closed 0.09 percent lower at 11,043.61. The ChiNext Index, China’s Nasdaq-style board of growth enterprises, fell 0.63 percent to 1,884.48 points.

Shares of lithium battery producers jumped on Monday after a senior official signaled China has started work on a timetable to phase out fossil-fuel cars.

These stocks extended their strength during yesterday’s morning session but lost ground in the afternoon.

Wuxi Lead Intelligent Equipment Co dropped 7.4 percent to 77.83 yuan (US$11.91), and Jiangxi Ganfeng Lithium Co fell 7.7 percent to 92.30 yuan.

Coal miners rose, led by Shaanxi Heimao Coking Co, whose shares surged by the daily limit of 10 percent to 13.15 yuan.

Coal miners and steel producers would continue to rise as the government sought to upgrade the industries via mergers and cutting supply, said Wendy Liu, chief equity strategist for China at Nomura.


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