China's stock markets end lower

China's A-share markets closed lower on Wednesday as investors remained cautious, with the benchmark Shanghai index down for three consecutive trading days. 

China’s A-share markets closed lower on Wednesday as investors remained cautious, with the benchmark Shanghai index losing ground on the last three trading days.

The benchmark Shanghai Composite Index declined by 0.44 percent, or 12.93 points to finish at 2,915.30, after sharp falls during the opening hours and afternoon trading session.

The smaller Shenzhen Component Index reversed its gains of the day before to end down 0.35 percent at around 9,166.15 points, while the ChiNext Index dropped 0.48 percent to finish at 1,510.43 points.

The combined turnover of the two bourses came to 331.6 billion yuan (US$48.05 billion), down from the volume of 351.7 billion yuan during the previous trading day.

Most sectors suffered losses, with building materials and nonferrous metals companies among the top losers. Shares of Tangshan Jidong Cement Co Ltd, the largest cement manufacturer and supplier in the north of China, slumped by 5.32 percent to stand at 18.15 yuan a share.

Boosted by the news that the US will exempt 110 kinds of medical equipment and other Chinese imports from high tariffs, pharmaceutical stocks saw strong rallies in the afternoon, but then fell back again.

Haitong Securities said the market had made some adjustments after a sharp drop on Monday, but investors’ sentiment remains low at the present time. With the beginning of the disclosure period for listed firms’ mid-year financial reports, investors will turn their attention to the performance of those enterprises.

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