Shanghai Composite up in mixed day for Chinese stocks

Chinese stocks closed mixed on Wednesday. 

At the close, the benchmark Shanghai Composite Index edged up 0.22 percent to 3,369.73 points. The Shenzhen Component Index dipped 0.41 percent to 13,599.99 points. The bluechip CSI300 advanced by 0.18 percent to end at 4,919.59 points.

Turnover on the two major bourses continued shrinking, declining to 733.3 billion yuan (US$ 111.46 billion) from 863.4 billion yuan a day earlier. 

Foreign investors bought 6.02 billion yuan in overseas capital via Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

“The A-share market is in a short-term period of adjustment,” said Haitong Securities in a note.

“It is very probable that the A-share market is entering a slow bull market but differentiation will enlarge among different industries and sectors,” said Donghai Securities.

Most sectors lost with losers outnumbering gainers by 1,002 to 720 on the Shanghai bourse and 1,458 to 818 in Shenzhen.

Bucking the trend, the shipbuilding and aerospace sectors led the gains, followed by electricity and insurance shares.

Petroleum firms and the automobile sector suffered the biggest losses of the day.