Shanghai Stocks Hit 3,100 Before Retreat

Shanghai stocks on Tuesday passed the 3,100-point mark in an intra-day high before closing down 0.18 percent at 3,090.98 points, dragged by consumer and financial stocks.

 

The Shenzhen Component Index edged down 0.04 percent to 9,839.74 points and the blue chip CSI300 index closed 0.46 percent lower at 3,833.96 points.

 

Total turnover on the two major bourses shrank sharply to 775.62 billion yuan (US$115.54 billion) from 832.65 billion yuan in the previous session.

 

Food and beverage stocks led the drop. The liquor sector reversed its sharp gains of Monday, with Sichuan Swellfun Co losing 3.77 percent and Kweichow Moutai Co 2.16 percent.

 

Brokerages were also among the biggest decliners. CSC Financial Co shed 3.17 percent, Everbright Securities Company fell 2.28 percent, and Haitong Securities lost 1.93 percent.

 

But, technology shares, including computers, electronics and software, posted gains after the Shanghai bourse on Monday started accepting listing applications for the new science and technology innovation board.

 

Source: Shine