Stocks fall on sales by cautious investors

Shanghai stocks fell on Thursday, led by declines of semiconductor and computer firms.

The benchmark Shanghai Composite Index lost 0.55 percent to close at 2,867.92 points. 

The smaller Shenzhen index was down 0.94 percent to 10,845.4 points while the blue chip CSI300 Index closed 0.54 percent lower at 3,913.79 points.

The startup board ChiNext Composite index was weaker by 0.88 percent to 2,099.43 points.

In the afternoon session, tech shares led the declines as cautious investors sold their stocks.

Turnover on the two major bourses added up to 626.2 billion yuan (US$88.1 billion), a decline of 60.5 billion yuan compared with 686.7 billion yuan the previous trading day. Turnover on the Shanghai Stock Exchange was 250.6 billion yuan, a decrease of 18.6 billion yuan from the previous trading day’s 269.2 billion yuan.

Overseas capital continued to pour into the Chinese mainland, posting a net influx 2.13 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

For the two major bourses, stocks of 67 listed companies surged by over 9 percent, while 21 declined by more than 9 percent.

In the A-share market, semiconductor, computer and telecommunication companies were among the biggest decliners.

Among the 105 firms on the STAR Market, 18 companies closed higher, one remained flat, while the rest retreated. Hangzhou Raycloud Technology Co Ltd shed 9.12 percent to become the biggest decliner.

Shenzhen Qingyi Photomask Ltd retreated 6.99 percent to 23.01 yuan and Ireader Technology Co Ltd fell 7.20 percent to 31.58 yuan.