Shang­hai in­dex closes at a near one-year low

Global Times US Edition - - BIZMARKETS -

Chi­nese main­land stocks closed lower on Tues­day, with the Shang­hai in­dex end­ing at a near one-year low.

The blue-chip CSI300 in­dex fell 1.58 per­cent to 3,748.64 points, its low­est level since Au­gust 2017, while the Shang­hai Com­pos­ite In­dex lost 1.41 per­cent to 3,066.80 points, its low­est clos­ing level since May 2017.

China’s tech shares were punched hard af­ter the ZTE ban in the US, with an in­dex track­ing ma­jor in­for­ma­tion firms tum­bling nearly 4 per­cent. The tech-heavy start-up board in­dex ChiNext also closed down 2.99 per­cent in its worst day since late March.

In­vestors were also pon­der­ing over China’s GDP data in the first quar­ter. China’s econ­omy grew 6.8 per­cent be­tween Jan­uary and March 2018, slightly faster than ex­pected.

The largest per­cent­age gain­ers in the main Shang­hai in­dex were HNA In­no­va­tion Co up 10.08 per­cent, fol­lowed by Gansu Dun­huang Seed Co, which ended 7.04 per­cent up, and Law­ton De­vel­op­ment Co, which rose 6.05 per­cent.

The largest per­cent­age losers in the Shang­hai in­dex were Shang­hai Fukong In­ter­ac­tive En­ter­tain­ment Co, which closed 10.04 per­cent down, fol­lowed by Keda Group Co, which ended 10.04 per­cent lower, and Shang­hai Feilo Acous­tics Co, which plunged 10 per­cent.

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