Stocks down for fourth ses­sion

China Daily (Hong Kong) - - BUSINESS - By REUTERS

China’s main in­dexes fell for the fourth ses­sion on Fri­day, pres­sured by tech stocks — as faster ap­proval of IPOs ex­ac­er­bated con­cerns over the val­u­a­tions of smaller-cap stocks.

The blue-chip CSI300 in­dex rose 0.1 per­cent, to 3,319.91 points, while the Shang­hai Com­pos­ite In­dex lost 0.2 per­cent to 3,112.76 points.

For the week, the CSI was down 0.9 per­cent, while the SSEC was down 1.3 per­cent.

The tech-heavy ChiNext Price In­dex, China’s equiv­a­lent of the Nas­daq. IXIC, slid 1.6 per­cent in its 7 th ses­sion of losses to hit a fresh 10-month low, as faster ap­provals for IPOs in­creased the sup­ply of eq­uity in the mar­ket.

The pace of new IPOs has been a hot topic in do­mes­tic me­dia re­ports, as they are seen putting pres­sure on the mar­ket.

Adding to the worry was data show­ing China last year suf­fered its worst ex­port fall since 2009, as fears of a pos­si­ble trade war with the United States loom.

Blue-chips were more sta­ble, with buy­ing in fi­nan­cials, while the Shen­zhen SE Com­po­nent In­dex, the bench­mark in­dex track­ing Shen­zhen shares, was down 1.2 per­cent to a near six-month low.

China Vanke jumped 6.9 per­cent af­ter its No 2 share­holder de­cided to sell its en­tire stake to Shen­zhen Metro Group.

the de­cline in the bench­mark Shang­hai Com­pos­ite In­dex on Fri­day

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