Flat Friday for stocks after Thursday's drop

Hu Yumo
Securities company notes a rebound in the A-share market after an earlier sharp decline and says that the market's mid-term prospects still remain positive.
Hu Yumo

Shanghai stocks closed flat on Friday, led by small gains in consumer and building material shares.

The benchmark Shanghai Composite Index edged up 0.13 percent to 3,214.13 points. For the week, the gauge dropped 5 percent. The smaller Shenzhen Component Index added 0.91 percent to 13,114.94 points.

Turnover on the two major bourses added up to 1.11 trillion yuan (US$158 billion), compared with 1.51 trillion yuan on the previous trading day.

Turnover on the Shanghai Stock Exchange was 486.5 billion yuan, compared with the previous day’s 679.5 billion yuan.

In terms of individual shares, those of nearly 77 listed companies soared over 9 percent in the session, while 49 lost more than 9 percent. On the STAR Market, 60 of 130 listed firms gained on the day while 70 shares declined.

Guotai Junan Securities said the A-share market had rebounded after yesterday's sharp decline. It said the market's mid-term prospects are still positive and suggests investors buy blue-chips including finance, non-ferrous metals and property developers.

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