Chinese markets split, Shanghai benchmark ends weekly winning streak

Cao Qian
In a mixed session, auto manufacturers pulled ahead while digital-headphone and digital-currency stocks went into retreat.
Cao Qian

Major stock indexes closed with mixed results on Friday.

The benchmark Shanghai Composite Index edged up 0.05 percent to 3,075.50 points, despite a strong morning session; while the smaller Shenzhen Component Index slipped 0.12 percent to 10,954.39 points. The ChiNext Composite Index, however, advanced 0.13 percent to 1,932.51 points.

For the week, the benchmark Shanghai index also lost 0.5 percent, ending a six-week winning streak.

Turnover on the Shanghai bourse improved to 242.27 billion yuan (US$35.23 billion), compared with Thursday's 236.84 billion yuan and Wednesday's 232.91 billion yuan.

Auto manufacturers continued to register strong performances, with an average gain of 0.86 percent for the sector. Chinese electric carmaker BYD, which surged 7.14 percent to 57.95 yuan, led the gainers. BluePark New Energy Technology Co closed 3.79 percent higher.

Telecommunication and media service providers, which were among major decliners on Thursday, rebounded with an average gain of 0.87 percent.

Wireless headphones and digital currency-related shares, among others, suffered setbacks with an average drop of 2.09 percent and 1.37 percent, respectively. Edifier Technology Co plunged 9.89 percent to 22.86 yuan and Hangzhou Lianluo Interactive Information Technology Co dropped 5.01 percent to 4.36 yuan.

For the short term, technology stocks will continue to attract attention from the market but industry analysts warned investors about the risk of correction.

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