Shanghai stocks close third week of gains

Huang Yixuan
The local market remains above 3,000 points, despite Friday's losses. Computer and communication shares were among the day's biggest decliners.
Huang Yixuan

Shanghai stocks retreated on Friday, but remained above the 3,000-point mark and notched a third consecutive week of gains.

The benchmark Shanghai Composite Index dipped 0.4 percent on the day to 3,004.94 points. The smaller Shenzhen Component Index fell 0.65 percent to 10,229.49 points, while the blue chip CSI300 index closed 0.25 percent lower at 4,017.25 points.

Overseas capital continued to flow into the A-share markets via the Stock Connect scheme linking the  Chinese mainland and Hong Kong markets. Friday marked the 27th session in a row with a net influx.

Computer shares led the drop, with Surfilter Network Technology Co tumbling by 9.55 percent and Teamax Smart City Technology Corporation shedding 7.48 percent.

In the communication sector, Hengxin Shambala Culture Co lost 7.98 percent, while Boomsense Technology Co plunged 6.69 percent.

The national defense and military industry, media shares and electronic component firms also posted declines.

Brokerages, meanwhile, were among the big gainers, with Founder Securities surging by the daily limit of 10 percent.

On the STAR Market, 17 of 66 listed enterprises posted gains. The biggest jump was a 10.24 percent rise for Hangzhou Anheng Information Technology Co. Kingsemi Co took the biggest hit, falling by 7.91 percent.

For the week, the Shanghai Composite Index recorded a gain of 1.26 percent, the third in a row. Weekly turnover totaled 1.24 trillion yuan (US$180 billion), compared with 930.9 billion yuan in the precious week.

Analyst at Shanxi Securities expect the Shanghai index to fluctuate around the 3,000-point level in the days ahead.

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