Shanghai stocks snap long winning streak

Shanghai stocks fell on Monday to snap an 11-session winning streak, with gains in banking and real estate firms offset by resources and industrial shares, as investors took profits after a recent bull run.

At the close, the Shanghai Composite Index was down 0.54 percent at 3,410.49. Meanwhile, the smaller Shenzhen index ended down 1.35 percent and the start-up board ChiNext index was weaker by 2.97 percent.

The largest percentage gainers in the main Shanghai index were Harbin Air Conditioning Co up 10.05 percent, followed by Shandong Lukang Pharmaceutical Co gaining 10 percent and Tederic Machinery Co up by 9.98 percent.

The blue-chip CSI300 index was flat, with its financial sector sub-index higher by 1.59 percent, the consumer staples sector down 0.36 percent, the real estate index up 2.12 percent and the healthcare sub-index down 0.62 percent.

Asian shares hit historic highs on the same day. Stocks in Hong Kong jumped 0.9 percent to another record. Investors were optimistic that the Chinese mainland’s GDP data for the December quarter due on Thursday would show growth of at least 6.7 percent for the world’s second-largest economy.

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.31 percent while Japan’s Nikkei index closed up 0.26 percent.

So far this year, the Shanghai stock index is up 3.68 percent, the CSI300 is up 4.8 percent, while China’s H-share index listed in Hong Kong is up 6.5 percent.