Cautious investors lock in earlier gains

Hu Yumo
Shanghai Composite Index falls 0.19 percent while the smaller Shenzhen index was down 0.3 percent as investors decide to hang on to Wednesday's profits. 
Hu Yumo

Shanghai stocks ended lower on Thursday as investors locked in profits from earlier gains.

The benchmark Shanghai Composite Index fell 0.19 percent to close at 2,838.50 points. The smaller Shenzhen index was down 0.3 percent to 10,564.05 points and the blue chip CSI300 Index closed 0.25 percent lower at 3,829.75 points.

The startup board ChiNext Composite index was weaker by 0.67 percent to 2,029.52 points.

Turnover on the two major bourses added up to 670.6 billion yuan (US$94.7 billion), an increase of 64.6 billion yuan compared with the 606 billion yuan the previous trading day. Turnover on the Shanghai Stock Exchange was 262.7 billion yuan, an increase of 29.9 billion yuan from the previous trading day’s 232.8 billion yuan.

In the A-share market, audio visual equipment, electronics manufacturing and brokerages were among the biggest declines. Cautious investors locked in profits from earlier gains in sectors which had surged on Wednesday.

On the STAR Market, 67 of the 98 listed companies rose. The biggest gainer, Jiangsu Bioperfectus Technologies Co Ltd, closed up 18.14 percent. Hitgen Inc fell 5.54 percent, making it the day's biggest decliner.

Guotai Junan Securities said it expects more stimulus policies will be introduced in the future and suggests investors pay attention to companies with better performance expectations in their first quarter financial reports.

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