Shanghai stocks fall, led by tech sector decline

Hu Yumo
Investors divided over monetary policy predictions, cautious ahead of weeklong National Holiday.
Hu Yumo

Shanghai stocks ended lower on Thursday, led by declines among telecommunication and semiconductor companies.

The Shanghai Composite Index lost 0.89 percent to close at 2,929.09 points.

Dongxing Securities said in a report that investors have turned cautious ahead of the weeklong National Day holiday.

The brokerage added that market participants were divided on whether authorities would further ease monetary policies. 

Shares of tech companies broadly retreated, with software enterprises, 5G-related firms and chipmakers taking the biggest dives.

Wingtech Technology Co Ltd dropped 9.92 percent to 72.2 yuan (US$10.12) and Eastern Communications Co Ltd fell 7.18 percent to 20.3 yuan.

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