Shares in China generate mixed results with less turnover

Cao Qian
Benchmark index fails to stay above the 3,100-point mark despite gains in science and technology as GMO shares lead the decliners with a 5.26 percent drop across the entire sector.
Cao Qian

China stocks finished mixed on Wednesday with the Shanghai Composite Index failing to stay above the 3,100-point mark.

The benchmark Shanghai Composite Index fell 0.54 percent to 3,090.04 points while the smaller Shenzhen Component Index slipped 0.15 percent to 10,972.32 points. The ChiNext Composite Index, however, advanced 0.09 percent to 1,924.24 points.

Turnover on the Shanghai bourse shrank to 232.91 billion yuan, the lowest so far this week. That compared with Tuesday's 271.54 billion yuan and Monday's 258.52 billion yuan.

Science and technology shares performed strongly with digital currency and integrated circuit firms recording gains of 2.48 percent and 1.59 percent, respectively. Three digital currency firms, including Hangzhou Lianluo Interactive Information Technology Co, rose by the 10 percent cap as did four IC manufacturers, including Wuxi Taiji Industry Corp and Tianshui Huatian Technology Co.

Shares in semiconductors, computer applications and equipment, and facial recognition also registered rises to buck the general downward trend.

GMO shares, those related to genetically modified organisms, in particular, led the decliners with a 5.26 percent drop across the entire sector. Winall Hi-Tech Seed Co and Shandong Denghai Seeds Co both plunged by the 10 percent limit.

Previous gainers, such as cobalt and lithium battery-related shares, suffered setbacks, down 1.99 percent and 1.45 percent, respectively.

Auto manufacturers, real estate developers, insurers and banks were also among the major decliners, indicating an overall weakness of the market.

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