Chinese equities posting divergent results

Tracy Li
Consumer sectors led Thursday gains while infrastructure and technology companies were lackluster as the benchmark Shanghai Composite Index drifted 0.14 percent lower.
Tracy Li

China’s A-share stocks ended Thursday‘s trading with divergent results. Consumer sectors led the gains while infrastructure and technology companies turned in a lackluster performance.

The benchmark Shanghai Composite Index drifted 0.14 percent lower, ending the day at 2,919.25 points after several rises and falls.

The smaller Shenzhen Component Index was up 0.28 percent at 11,139.26 points while the ChiNext Index advanced 0.39 percent to finish on 2,151.38 points.

The combined turnover of the two bourses was 650.6 billion yuan (US$91.3 billion), compared with the previous trading day’s 777.8 billion yuan.

Home appliance and beverage companies outperformed, while communications and manufacturing material sectors suffered the most.

Shares in Aucma Co Ltd, a leading manufacturer for refrigeration, environmental electric vehicles and household appliances, jumped by 7.42 percent to close at 6.80 yuan per share.

To stimulate domestic demand and stabilize employment, the government is supporting a stall economy after the coronavirus pandemic. Related measures will benefit the catering and food and beverage sectors as well as vegetable and fruit companies, analysts said.

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