Poor performance by financial stocks weighs on mainland exchanges

3gzylon 2014-10-14

展开全文

2014-10-14 08:01 Global Times Web Editor: Qin Dexing

Stock markets in the Chinese mainland fell on Monday, dragged down by poor performance by financial stocks.

The benchmark Shanghai Composite Index dropped for a second straight trading session on Monday, falling by 8.53 points or 0.36 percent to 2,366.01 points on Monday.

The Shenzhen Component Index declined by 47.48 points or 0.58 percent to 8,164.07 points, ending a three-day upward streak.

Combined turnover on the two bourses on Monday was 380.61 billion yuan ($62.12 billion), down from the previous trading day's 420.12 billion yuan.

The mainland stock markets declined more than 1 percent in morning trade but recovered slightly after the release of official trade data showing that exports and imports rose by more than expected in September.

Financial, pharmaceutical and technology stocks were the biggest losers on Monday, with all listed banks and insurers posting a decline.

China Life Insurance Co closed down by 2.06 percent at 15.20 yuan, while China Minsheng Banking Corp dipped by 1.11 percent to 6.26 yuan.

Meanwhile, real estate developers continued to rally on Monday. Shares in the sector were boosted by the rollout on September 30 of new central bank policies supporting the troubled property sector.

Beijing North Star Co and China Calxon Group Co soared by the daily limit of 10 percent to 3.71 yuan and 4.47 yuan, respectively.

The coal sector also saw policy-driven gains on Monday after the government over the weekend unveiled tax reform plans for coal firms. Datong Coal Industry surged by the daily limit of 10 percent to 8.53 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, closed down by 5.89 points or 0.38 percent at 1,548.33 points on Monday.