Mar­kets end mixed af­ter a day of volatil­ity

Shanghai Daily - - BUSINESS - Tracy Li STOCKS

CHINA’S stock mar­kets ended mixed yes­ter­day af­ter a roller coaster ride, with the bench­mark Shang­hai Com­pos­ite In­dex record­ing slight gains and the smaller Shen­zhen Com­po­nent In­dex suf­fer­ing losses.

The A-share mar­ket opened higher, with three ma­jor in­dexes re­bound­ing dur­ing the morn­ing ses­sion. But the gains were wiped out due to losses led by heavy­weights, in­clud­ing liquor stocks.

The mar­ket was rat­tled by ru­mors the gov­ern­ment planned to raise taxes on some al­co­hol prod­ucts.

The Shang­hai Com­pos­ite In­dex inched up 0.18 per­cent, or 4.82 points, to fin­ish at 2,725.84, boosted by re­cently listed stocks, oil and gas com­pa­nies and chip mak­ers. More than 40 stocks jumped by the daily limit of 10 per­cent dur­ing in­tra-day trad­ing.

The smaller Shen­zhen Com­po­nent In­dex dropped 0.44 per­cent to end at 8,010.69 points and the Nas­daq-style ChiNext en­ter­prise board fin­ished the day largely flat at around 1,346.70.

In­dus­trial Se­cu­ri­ties said it re­mained cau­tious in the mid-term as ex­ter­nal fac­tors like the Sino-US trade ten­sions and shocks from emerg­ing mar­kets will con­tinue to weigh on the A-share mar­ket.

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