Shares indexes continue to lose momentum

Cao Qian
The benchmark Shanghai Composite Index fell 0.52 percent on Thursday and the smaller Shenzhen Component Index slipped 0.04 percent but ChiNext continued to buck the downward trend.
Cao Qian

China’s major stock indexes lost momentum for another day on Thursday.

The benchmark Shanghai Composite Index fell 0.52 percent to 3,074.08 points while the smaller Shenzhen Component Index slipped 0.04 percent to 10,967.44 points. The ChiNext Composite Index, however, continued to buck the overall weakness, closing 0.3 percent higher at 1,929.96 points.

Turnover on the Shanghai bourse saw a moderate rebound to 236.84 billion yuan (US$34.4 billion).

National defense companies and auto manufacturers, which registered an average growth of 0.86 percent and 0.54 percent, outperformed other industries. China Spacesat Co jumped 6.91 percent to 23.53 yuan and BluePark New Energy Technology Co soared 9.94 percent to 6.86 yuan.

Photoresist-related companies dwarfed others with an average increase of 3.44 percent. Jiangsu Yida Chemical Co and Jiangsu Nata Opto-Electronic Material Co both surged by the 10-percent daily limit. Integrated circuit firms continued to perform strongly with growth of 1.34 percent.

Papermaking firms, telecommunication and media service providers, however, led decliners, down 2 percent and 1.72 percent, respectively.

Beijing-Shanghai High Speed Railway Co, which operates one of China's most profitable rail lines, began trading on the Shanghai Stock Exchange on Thursday. It soared 38.73 percent to close at 6.77 yuan after reaching an intraday high of 6.99 yuan.

Established in 2007, the BSHSR has posted a profit for five consecutive years since 2014 and its net profit stood at around 10.25 billion yuan in 2018, according to its prospectus.

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