Shanghai Stocks Drop, But End Month Higher

Shanghai stocks fell again on Thursday, dragged by the non-bank financial sector.


The Shanghai Composite Index lost 0.44 percent to close at 2,940.95 points. The smaller Shenzhen Component Index edged up 0.29 percent to 9,031.93 points, while the blue chip CSI300 index shed 0.25 percent to 3,669.37 points.


Total turnover in the two bourses further shrank, down sharply from Wednesday’s 891.24 billion yuan to 662.29 billion yuan, after hitting almost 1.1 trillion yuan earlier in the week.


But Shanghai’s Composite Index soared 13.79 percent in February — the highest monthly rise since April 2015.


The total turnover in the Shanghai bourse in February also swelled to 3.81 trillion yuan, comparing with 2.8 trillion yuan in January.


Venture capital-related shares led today’s losses — seven companies nosedived the daily limit of 10 percent, including Shanghai Zhangjiang Hi-Tech Park Development Co and Kunwu Jiuding Investment Holdings Co.


Brokerages were also among the biggest losers. SDIC Capital Co plunged by the maximum 10 percent, and another six companies in this sector also slumped more than 9 percent.


Source: SHINE