Chinese stocks drift lower in expanded trading

Huang Yixuan
Pharmaceutical shares, food and beverage companies and Electronic component firms posted some of the day's biggest declines.
Huang Yixuan

Chinese stocks declined on Friday to close the week with a further loss.

The benchmark Shanghai Composite Index fell 0.63 percent to 2,885.29 points. The smaller Shenzhen Component Index extended losses by 1.51 percent to 9,626.9 points, while the blue chip CSI300 index tumbled 1.02 percent to 3,849.99 points.

Turnover on the two major bourses expanded to 471.07 billion yuan (US$66.91 billion), compared with the 361.05 billion yuan in the previous session. Stocks of 13 A-share companies slumped by the daily limit of 10 percent.

Pharmaceutical shares extended earlier declines, with three companies diving by the daily maximum of 10 percent; these were Zhejiang Wolwo Bio-Pharmaceutical Co, Double Medical Technology Inc and Jiangsu Apon Medical Technology Co.

In the food and beverage sector, Sichuan Teway Food Group dropped 5.33 percent, while Jiangsu King’s Luck Brewery Joint–Stock Co, Guangzhou Zhujiang Brewery Co and Three Squirrels Inc all lost over 4 percent.

Electronic component firms were also among the biggest decliners. Stocks related to wireless stereo earphones led the fall, while smart speaker manufacturers also took hits.

Computer companies; the catering and tourism sector; and the agriculture, forestry, animal husbandry and fishery industry also performed weakly in the session.

For the week, the Shanghai Composite Index posted a  loss of 0.21 percent, adding to a 2.46 percent slump from the previous week.

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