Prices down as investors lock in profits

Hu Yumo
Shanghai shares ended lower on Wednesday as investors held on to their gains in the new-energy vehicle and technology sectors from the previous day's trading.
Hu Yumo

Shanghai shares ended lower on Wednesday as investors locked in profits from earlier gains in the new-energy vehicle and technology sectors.

The benchmark Shanghai Composite Index edged down 0.09 percent to close at 3,325.02 points, while the smaller Shenzhen Component Index lost 1 percent to 13,467.91 points.

Automobile shares, especially for green cars, led the gains on Tuesday but posted a sharp decline on Wednesday. 

Trading volume on the two major bourses added up to 706.2 billion yuan (US$106 billion), compared with the previous trading day’s 667.4 billion yuan. Turnover on Shanghai's main board was 246.8 billion yuan, a increase of 19 billion yuan over the previous day's 227.8 billion yuan.

 A total of 33 listed firms posted gains of more than 9 percent, while 19 declined by over 9 percent.

Guotai Junan Securities said the market’s pullback was due to the decline in automobile and consumer shares but said the domestic economy is currently recovering steadily.

Raytron Technology Co Ltd lost 7.70 percent to 81.9 yuan while Dongfeng Automobile Co Ltd declined 1.49 percent to 5.28 yuan.

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