Indexes mixed despite strong performances

Yuan Luhang
The financial industry and liquor makers boosted China's main equity indexes during Thursday's trading when most other sectors were experiencing losses. 
Yuan Luhang

China’s main equity indexes closed mixed on Thursday though the financial industry and liquor makers posted a strong performance.

At close, the benchmark Shanghai Composite Index edged up 0.33 percent to 2,846.22 points, while the smaller Shenzhen Component Index was down 0.27 percent to 10,653.49 points.

The blue chip CSI300 Index retreated 0.29 percent to 3,856.63 points while the ChiNext Composite Index startup board dropped 0.80 percent to 2,054.96 points.

Chinese mainland markets saw a net inflow of 4.19 billion yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

Turnover on the two major bourses was 578.3 billion yuan (US$80.56 billion), expanding from the 468.9 billion yuan in the previous trading session.

Most sectors lost but the financial and liquor sectors bucked the trend. 

The financial sector surged 3.2 percent with four companies hitting the daily limit of 10 percent while the liquor industry increased by 2.6 percent.

The boom came after Wednesday’s announcement by the State Council’s Financial Stability and Development Commission of 11 measures to reform the financial sector.

CITIC Securities said: “The 11 measures will enhance the ability of the financial sector to support the real economy, especially for small and medium-sized enterprises, and they will contribute to economic recovery and stabilize employment.”

The liquor industry was boosted by a rise in consumption. Li Shuguang, chairman of Wuliangye Yibin Co Ltd, said he was confident of double-digit increase this year. 

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