Markets see mixed performance despite transportation gains

Stock markets in the Chinese mainland saw mixed performance Thursday as gains in transportation and banks were offset by falls in aviation and media stocks.

The benchmark Shanghai Composite Index rose by 18.05 points or 0.76 percent to 2,391.08 points on Thursday, hitting a 20-month high. The Shenzhen Component Index remained flat, falling by 0.13 points or 0.00 percent to 8,090.55 points.

Combined turnover on the two bourses on Thursday was 437.26 billion yuan ($71.49 billion), down from Wednesday's 457.25 billion yuan.

Shares linked to transportation and logistics continued to rise.

Amid high hopes for the expected merger of two State-owned train makers, China CNR and CSR Corp, railway companies maintained their rising momentum on Thursday. China Railway Group rose by the daily limit of 10 percent to 4.20 yuan.

Trading of shares in China CNR and CSR Corp has been suspended since Monday, with an official announcement of the merger expected this weekend. Analysts say the merger will strengthen the Chinese high-speed railway industry.

Banks and power firms also gained on Thursday. China Everbright Bank Co rose by 4.46 percent at 2.81 yuan and GD Power Development Co jumped by 10 percent to 2.83 yuan.

Meanwhile, aerospace, media and liquor stocks weighed on the markets. Aerospace Communications Holdings declined by 4.42 percent to 17.94 yuan and China Avic Electronics Co fell by 3.66 percent to 27.93 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, had risen for three days but fell on Thursday, closing down by 4.32 points or 0.28 percent at 1,525.77 points.