Coal, liquor buck losses in stock market

China stocks dipped on Monday with most sectors losing.

At close, the Shanghai Composite Index was down 0.06 percent at 3,217.53 points while the smaller Shenzhen Component Index lost 0.42 percent. The ChiNext Composite Index shed 0.75 percent.

The STAR 50 Index, which tracks the 50 biggest and most representative companies listed on the tech-heavy STAR Market for more than six months, slumped 1.84 percent.

But the bluechip CSI300 index was up 0.26 percent, as the profits of China’s large industrial firms grew for a fourth straight month in August, buoyed in part by a rebound in commodity prices and equipment manufacturing, the National Bureau of Statistics said on Sunday.

Bucking the trend, coal mining led the gains with its index gaining 2.74 percent as profits increased rapidly in August on rising prices.

“The supply and demand inside the industry continued to improve and especially the recovery in downward industries has promoted recovery in upward industries,” said senior statistician Zhu Hong.

The liquor industry also posted a strong performance with the upcoming National Holiday and Mid-Autumn Festival driving up prices.

Turnover on the two major bourses shrank to 540.2 billion yuan (US$79.05 billion). Mainland markets saw a net outflow of 1.79 billion yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

Most sectors lost with losers outnumbering gainers by 1,315 to 388 on the Shanghai bourse and 1,792 to 478 in Shenzhen.