Computer shares lead losses

Huang Yixuan
Shanghai stocks tumble by over 1 percent though turnover remains generally unchanged.
Huang Yixuan

Shanghai stocks extended losses to tumble by over 1 percent on Thursday led by sharp drops in computer shares and the communications sector.

The Shanghai Composite Index fell 1.35 percent to close at 2,852.52 points. The smaller Shenzhen Component Index took a nosedive by 2.56 percent, while the blue chip CSI300 index ended 1.79 percent lower at 3,583.96 points.

Stocks of over 3,000 companies listed on the A-share markets went down, with over 80 slumping by the daily limit of 10 percent.

Total turnover on the two major bourses remained generally unchanged, shrinking slightly to 464.62 billion yuan compared with the 469.26 billion yuan in the previous session.

Computer shares led the losses, with Wind Information's sub-index for this sector plummeting by 4.65 percent. Netac Technology Co and China Greatwall Technology Group Co both fell over 8 percent.

Internet companies including Wutong Holding Group Co, Beijing Kunlun Tech Co and Fuchun Technology Co all sank by the 10 percent daily cap.

Companies in the communications equipment sector were also among the biggest decliners, with Shenzhen Asia Link Technology Development Co and Shenzhen SDG Information Co both plunging by the maximum 10 percent.

Agricultural shares, automobile companies and the software sector all slipped.

Stocks related to the rare-earth permanent magnet sector, however, edged up. Innuovo Technology Co has posted robust gains of 10 percent for five days over the previous six sessions, only falling on Wednesday by 4.46 percent.

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