Text: | Print|

Investors continue to back blue chip stocks, shed small caps

2014-12-23 08:29 Global Times/Agencies Web Editor: Qin Dexing
1

Chinese stock exchanges saw mixed performance on Monday as electrical utilities rose and banks spiked, while a slump in small-cap shares limited the gains.

The benchmark Shanghai Composite Index rose by 0.61 percent or 18.85 points to 3,127.45 points, while the Shenzhen Component Index declined by 0.17 percent or 18.59 points to 10,608.52 points.

The CSI 300 index of the largest listed companies in Shanghai and Shenzhen rose 0.33 percent to 3,394.48 points.

Total turnover on the two bourses was 932.27 billion yuan ($149,85 billion), up from the previous trading day's 801.22 billion yuan.

Among the most active stocks in Shanghai were Bank of China, up 9.9 percent to 3.89 yuan; Agricultural Bank of China, up 9.9 percent to 3.56 yuan; and Minsheng Bank, up 9.1 percent to 10.51 yuan.

In Shenzhen, the most active stocks included BOE Technology, up 5.0 percent to 3.34 yuan; Zoomlion Heavy Industry Science and Technology, down 1.6 percent to 6.73 yuan; and TCL Corp, up 3.4 percent to 3.92 yuan.

Electric utilities shares also outperformed the broader market following local media reports that China might launch a utility reform scheme by the beginning of 2015.

GD Power Development Co and Huadian Power International Co both jumped by the 10 percent daily limit to 4.51 yuan and 7.38 yuan, respectively.

Investors were continuing to back blue chips and shed small-caps, as evidenced by a sharp 5 percent slide in the ChiNext index in Shenzhen, the steepest slump since 2013.

The ChiNext Index, China's NASDAQ-style board for high-tech and fast-growing start-ups, plunged by 4.94 percent or 78.88 points to close at 1,517.93 points.

Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot program took up 1.43 billion yuan of the 13 billion yuan daily quota.

In Hong Kong, the benchmark Hang Seng index rose 1.26 percent to 23,408.57 points on Monday.

Comments (0)
Most popular in 24h
  Archived Content
Media partners:

Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.