Stocks retreat as investors lock in profits

Shanghai stocks retreated on Tuesday as investors locked in profits from earlier gains.

The benchmark Shanghai Composite Index fell 0.83 percent to 3,414.62 points, while the smaller Shenzhen Component Index tumbled 1.08 percent to 13,996.46 points.

The ChiNext Composite Index edged down 1.06 percent to 2,858.67 points, while the blue chip CSI300 Index closed 0.95 percent lower at 4,806.69 points.

Turnover on the two major bourses added up to 1.7 triliion yuan (US$242 billion), an increase of 32.1 billion yuan compared with 1.67 trillion yuan on the previous trading day. Turnover on the Shanghai Stock Exchange was 707.3 billion yuan, a decline of 10.1 billion yuan from the previous day’s 717.4 billion yuan.

In the A-share market, electronics, shipping and consumer shares were among the biggest decliners with cautious investors locking in profits from sectors that posted gains on Monday.

In terms of individual shares, stocks of nearly 138 listed companies soared over 9 percent in the session, while 37 lost more than 9 percent.

On the STAR Market, 46 of the 124 listed firms rose, one was unchanged while 77 shares declined. Niutech Environment Technology Co jumped sharpest by 239.73 percent, while Jiangsu Bioperfectus Technologies Co lost 8.75 percent.