Most sectors decline in Wednesday trading
The furniture industry bucked the downward trend during Wednesday's trading.
Chinese stocks slipped on Wednesday though the furniture industry post a strong performance.
At close, the benchmark Shanghai Composite Index was down 0.34 percent to 2,836.80 points, while the smaller Shenzhen Component Index dropped 1.23 percent to 10, 682.70 points.
The blue chip CSI300 Index retreated 0.70 percent to 3,845.61 points and the ChiNext Composite Index startup board slumped 1.96 percent to 2,071.47 points.
Chinese mainland markets saw a net inflow of 2.65 billion yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.
Turnover on the two major bourses was 468.9 billion yuan (US$65.54 billion), compared with the 530 billion yuan in the previous trading session.
Most sectors declined with losers outnumbering gainers by 939 to 650 on the Shanghai bourse and 1,364 to 794 in Shenzhen.
The semiconductor industry, telecom carriers, securities and software services suffered biggest losses on the day.
Bucking the trend, the furniture industry surged 3.98 percent with eight companies in the sector hitting daily limit of 10 percent.
China Galaxy Securities said in a note: “Completed houses in the real estate sector have been picking up steam since June 2019, and the trend will last to next year despite the disturbance brought by the epidemic, which will drive the furniture sales up.”
Guosheng Securities said: “The market is expected to remain volatile amid uncertainty about domestic economy recovery and overseas epidemic prevention and control.”
