Shanghai stocks lower as energy, oil sectors wane

Ding Yining
Financial shares were mixed on Friday following the release of positive financial results. Telsa suppliers also sank as investors took profits.
Ding Yining
Shanghai stocks lower as energy, oil sectors wane

Shanghai stocks dipped on Friday, with liquor makers among the top gainers and financial shares showing mixed results.

The benchmark Shanghai Composite Index shed 0.08 percent to 3,092.29 points as turnover shrank to 241.6 billion yuan (US$34.5 billion).

For the whole week, the index added 0.3 percent, marking a sixth consecutive weekly gain for the benchmark.

Crude oil futures settled near four-week lows and energy shares headed lower. Metal producers also retreated.

PetroChina Company Limited lost 1.16 percent to 5.99 yuan and Shenzhen Guangju Energy Co Ltd lowered 0.62 percent to 11.23 yuan. Shanghai Lonyer Fuels Co Ltd gave up 1.22 percent to 8.11 yuan.

Jiangxi Copper Co was down 1.46 percent and Aluminum Corporation of China Limited slid 2.49 percent to 3.52 yuan.

Luzhou Laojiao Co advanced 3.43 percent to 90.50 yuan and Jinhui Liquor Co surged by the daily cap of 10 percent.

Everbright Bank dipped 0.7 percent to 4.28 yuan, while Guojin Securities added 0.22 percent to 9.28 yuan. Haitong Securities lost 0.45 percent to 15.36 yuan.

Combined profits of 30 listed brokerages recorded a year-on-year increase of 83 percent in December last year, according to preliminary earnings releases. 

Total revenue stood at 35.3 billion yuan, adding 33 percent from a year ago. China International Capital Corp wrote in a research note that upbeat market sentiment and growing investment income would continue to lift brokerages.

Tesla's China suppliers and new-energy vehicle makers sank after investors took profits from a recent rally. Tianjin Motor Dies reversed by 10 percent to 5.91 yuan, and Aotecar New Energy Technology lost 7.35 percent to 2.27 yuan.

Semiconductor shares were among the gainers amid an optimistic industry outlook.

Both Shenzhen Goodix Technology Co and Jiangsu Dagang Co hit the daily limit of 10 percent. Gigadevice Semiconductor (Beijing) Inc jumped 8.5 percent to 245 yuan. 

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