Shanghai stocks plumb to six-month low as investors sell blue-chips
Reuters|
Updated: Feb 08, 2018, 01.47 PM IST
SHANGHAI: China stocks ended lower to post a third consecutive session of losses on Thursday, with the benchmark Shanghai index hitting a six-month low, even as data showed the country's trade performance in January exceeded expectations.
Investors dumped blue chips, including energy and banking firms, as well as infrastructure and property companies.
An index tracking the 50 most representative blue-chips in Shanghai, dubbed China's "nifty 50", dropped 2.8 per cent. On Wednesday, the index posted its biggest single-day per centage loss in two years. ** China's January trade growth easily beat market expectations, with exports rising 11.1 per cent year-on-year and imports surging 36.9 per cent, customs data showed on Thursday. ** At the close, the Shanghai Composite index was down 47.11 points or 1.42 per cent at 3,262.15.
The blue-chip CSI300 index was down 0.96 per cent. Its financial sector sub-index fell 2.61 per cent, the consumer staples sector was up 1.67 per cent, the real estate index fell 1.59 per cent and healthcare sub-index was up 1.31 per cent.
The smaller Shenzhen index ended 1.18 per cent higher and the start-up board ChiNext Composite index rose 1.55 per cent.
Around the region, MSCI's Asia ex-Japan stock index was 0.21 per cent firmer while Japan's Nikkei index closed up 1.13 per cent.
At 07:04 GMT, the yuan was quoted at 6.335 per U.S. dollar, 0.83 per cent weaker than the previous close of 6.283.
The largest per centage gainers in the main Shanghai Composite index were MeiDu Energy Corp up 10.13 per cent, followed by Jiangsu Jiangnan High Polymer Fiber Co Ltd gaining 10.05 per cent and Sichuan Western Resources Holding Co Ltd up by 9.96 per cent.
The largest percentage losses in the Shanghai index were Routon Electronic Co Ltd down 10.02 per cent, followed by Zhonglu Co Ltd down10.01 per cent and China South Publishing & Media Group Co Ltd down 9.99 per cent.
So far this year, the Shanghai stock index is up 0.06 per cent, the CSI300 is down 0.5 per cent this year, while China's H-share index listed in Hong Kong is up 6.2 per cent. Shanghai stocks have declined 4.93 per cent this month.
About 20.13 billion shares were traded on the Shanghai exchange, roughly 92.8 per cent of the market's 30-day moving average of 21.68 billion shares a day. The volume in the previous trading session was 26.09 billion.
As of 07:05 GMT, China's A-shares were trading at a premium of 31.24 per cent over the Hong Kong-listed H-shares.
The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.
The price-to-earnings ratio of the Shanghai index was 15.27 as of the last full trading day while the dividend yield was 1.9 per cent.
So far this week, the market capitalisation of the Shanghai stock index has fallen by 4.26 per cent to 29.36 trillion yuan.
Investors dumped blue chips, including energy and banking firms, as well as infrastructure and property companies.
An index tracking the 50 most representative blue-chips in Shanghai, dubbed China's "nifty 50", dropped 2.8 per cent. On Wednesday, the index posted its biggest single-day per centage loss in two years. ** China's January trade growth easily beat market expectations, with exports rising 11.1 per cent year-on-year and imports surging 36.9 per cent, customs data showed on Thursday. ** At the close, the Shanghai Composite index was down 47.11 points or 1.42 per cent at 3,262.15.
The blue-chip CSI300 index was down 0.96 per cent. Its financial sector sub-index fell 2.61 per cent, the consumer staples sector was up 1.67 per cent, the real estate index fell 1.59 per cent and healthcare sub-index was up 1.31 per cent.
The smaller Shenzhen index ended 1.18 per cent higher and the start-up board ChiNext Composite index rose 1.55 per cent.
Around the region, MSCI's Asia ex-Japan stock index was 0.21 per cent firmer while Japan's Nikkei index closed up 1.13 per cent.
At 07:04 GMT, the yuan was quoted at 6.335 per U.S. dollar, 0.83 per cent weaker than the previous close of 6.283.
The largest per centage gainers in the main Shanghai Composite index were MeiDu Energy Corp up 10.13 per cent, followed by Jiangsu Jiangnan High Polymer Fiber Co Ltd gaining 10.05 per cent and Sichuan Western Resources Holding Co Ltd up by 9.96 per cent.
The largest percentage losses in the Shanghai index were Routon Electronic Co Ltd down 10.02 per cent, followed by Zhonglu Co Ltd down10.01 per cent and China South Publishing & Media Group Co Ltd down 9.99 per cent.
So far this year, the Shanghai stock index is up 0.06 per cent, the CSI300 is down 0.5 per cent this year, while China's H-share index listed in Hong Kong is up 6.2 per cent. Shanghai stocks have declined 4.93 per cent this month.
About 20.13 billion shares were traded on the Shanghai exchange, roughly 92.8 per cent of the market's 30-day moving average of 21.68 billion shares a day. The volume in the previous trading session was 26.09 billion.
As of 07:05 GMT, China's A-shares were trading at a premium of 31.24 per cent over the Hong Kong-listed H-shares.
The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.
The price-to-earnings ratio of the Shanghai index was 15.27 as of the last full trading day while the dividend yield was 1.9 per cent.
So far this week, the market capitalisation of the Shanghai stock index has fallen by 4.26 per cent to 29.36 trillion yuan.
