Equities markets close lower, with defense and electronics stocks top losers

China's equities markets continued to close lower on Thursday, with the defense and military industry as well as electronics makers posting strong losses.

China’s equities markets continued to close lower on Thursday, with the defense and military industry as well as electronics makers the top losers.

The Shanghai Composite Index fell 0.45 percent or 14.31 points to close at 3,154.65.

The Shenzhen Component Index was down by 0.63 percent to 10564.13 points, while the Nasdaq-style ChiNext enterprise board decreased by 0.41 percent to close at 1838.40.

Jianglong Shipbuilding Co Ltd, a Shenzhen-listed company specializing in the design, research and development, manufacturing and sales of patrol boats, tourism leisure boats and passenger boats, closed by 5.26 percent lower at 18 yuan per share (US$2.82).

Buoyed by the State Council’s plan to further deepen reform and opening-up in pilot free trade zones in three coastal areas, shares of Hainan-theme related companies opened higher. Hainan Ruize New Building Material Co Ltd saw its stocks surge by the maximum cap of 10 percent to close at 13.27 yuan per share.

Analysts said that the losses can be attributed to a lack of favorable factors for market sentiment. Wanlian Securities noted that in the short term, the positive effects brought by the softening Sino-US trade friction are fading and the market lacks other positive factors to sustain the rises.

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