Chinese stocks end recent winning streak

Huang Yixuan
By sector, shares related to face masks performed strongly due to overseas outbreaks of the coronavirus. Real estate and non-banking financial stocks led the losses.
Huang Yixuan

China stocks retreated on Friday after rallies in the previous four sessions. But it still closed out the week in positive territory.

The benchmark Shanghai Composite Index fell 1.21 percent to 3,034.51 points, while the smaller Shenzhen Component Index dropped 1.1 percent to 11,582.82 points. The ChiNext Composite Index closed 0.75 percent lower at 2,192.94 points, and the blue chip CSI300 Index tumbled 1.62 percent to 4,138.51 points.

Total turnover on the two major bourses shrank to 957.5 billion yuan (US$138 billion), compared with a trade volume exceeding 1 trillion yuan in the previous session.

By the closing bell, Chinese mainland markets on Friday saw a 3.04-billion-yuan net outflow of overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong. For the week, the Chinese mainland posted a net influx of more than 5.62 billion yuan.

By sector, stocks related to face masks performed strongly due to overseas outbreaks of the coronavirus. Souyute Group Co, Baoxiniao Holding Co and Shenzhen Glory Medical Co all surged by the 10-percent daily limit.

Non-bank financial shares, however, led the losses, with China Securities Co and Shanghai Chinafortune Co both dropping by over 7 percent.

The real estate sector was also among the biggest decliners. CCCG Real Estate Corporation, Ningbo Fuda Company and Harbin High-Tech Co all shed over 5 percent.

On the STAR Market, 23 out of 91 listed companies rose. The biggest gainer, Guangzhou Jet Bio-Filtration Co, closed up 13.54 percent. Primeton Information Technologies dropped 5.93 percent, making it the day's biggest decliner.

For the week, the Shanghai Composite Index added 5.35 percent, reversing from a 5.24 percent loss in the previous week. Trade volume added up to 2.09 trillion yuan, compared with 2.29 trillion yuan last week.

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