Shanghai shares extend losses
China’s A-share markets posted mixed performance on Tuesday, with the benchmark Shanghai index extending losses and the other two indices recording slight gains.
The benchmark Shanghai Composite Index edged down by 0.18 percent, or 5.13 points, to finish at 2,928.23 as investors became more risk-aversive.
The smaller Shenzhen Component Index reversed losses to end up 0.14 percent at 9,198.79 points, while the ChiNext Index gained 0.74 percent to finish at 1,517.79 points.
The combined turnover of the two bourses came to 351.7 billion yuan (US$50.9 billion), down from the volume of 468.2 billion yuan during the previous trading day.
Over half of the sectors suffered losses, with home appliance makers, banks and property developers among the top losers. Shares of Zhejiang Kang Sheng Co Ltd, a company with core competitiveness in home appliances, declined by 3.92 percent to stand at 3.43 yuan a share.
Analysts expect a busy week for IPOs. On Tuesday, nine companies, among the first to list on China’s Nasdaq-style STAR Market, announced prices of their new shares. They include China Railway Signal & Communications, Advanced Micro-Fabrication Equipment and Ningbo Ronbay New Energy Technology.
Meanwhile, the market was keeping an eye on testimony from Federal Reserve Chair Jerome Powell due Wednesday, which follows a stronger-than-expected US jobs report last Friday.
Stocks on Wall Street fell overnight as Apple shares tumbled more than 2 percent, pressuring the broader tech sector.