Stocks close generally flat today
Shanghai stocks closed generally flat today with the gain of coal shares, while steel and iron counters declined.
The benchmark Shanghai Composite Index edged down by 0.01 percent to end at 3,365.24. The turnover shrank to 235.16 trillion yuan (US$36.48 trillion).
Steel and iron share retreated. Daye Special Steel Co Ltd dipped 5.26 percent to 14.60 yuan, Xinyu Iron & Steel Co Ltd lost 2.59 percent to 6.77 yuan and Liuzhou Iron & Steel Co Ltd lost 2.40 percent.
Non-financial companies also declined. Huatai Securities Co Ltd fell 3.27 percent to 22.17 yuan, and China Galaxy Securities Co Ltd down by 2.36 percent to end at 14.88 yuan.
In comparison, coal shares gained. Baotailong New Materials Co Ltd advanced 5.62 percent to 13.71 yuan and Shanxi Coking Co Ltd went up by 3.09 percent to 11.68 yuan.
Non-ferrous metal shares also ended higher. Sunstone Development Co Ltd and Tibet Mineral Development Co Ltd both hit the maximum daily cap of 10 percent.
Shanghai shares presented a weekly drop of 0.06 percent, scaling back from earlier rallies for three weeks.
AWC Securities wrote in a note that under the comprehensive effects of various pressures, there can be adjustment risks if the hot spots fail to sustain the gains.