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Markets prolong downswing as banking, FTZ shares tank

2013-09-27 08:05 Global Times Web Editor: qindexing
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Ongoing weakness in banking stocks and major losses among free trade zone (FTZ) shares sent markets on the Chinese mainland skidding lower Thursday, despite strong performances among energy stocks.

The Shanghai Composite Index gave up 42.71 points, or 1.94 percent, to finish at 2,155.81; while the Shenzhen Component Index shed 174.24 points, or 2.02 percent, to end at 8,439.47.

Elsewhere, the small and medium-sized enterprise board index surrendered 1.47 percent to close at 5,147.11, while the ChiNext index ditched 1.26 percent to conclude the day at 1,306.34.

Combined trading volume eased to 243.73 billion yuan ($39.83 billion), down from Wednesday's 273.83 billion yuan.

Stocks tied to Shanghai's FTZ took a nose dive on reports that financial reforms would not be introduced when the project opens. Shanghai Shenda Co, Shanghai Jinqiao Export Processing Zone Development Co and Shanghai Waigaoqiao Free Trade Zone Development Co were among the 23 stocks which plummeted by the 10-percent daily limit thanks to this news.

Media and entertainment stocks tumbled by an average of 4.19 percent. Shanghai Xinhua Media Co plunged 9.65 percent to 6.93 yuan.

On the upside, promising prospects surrounding shale gas exploitation boosted energy stocks.

Shandong Polymer Biochemicals Co, Lanzhou Haimo Technologies Co, Sino Geophysical Co and Shandong Molong Petroleum Machinery?Co reached the 10 percent daily limit.

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