China's Stock Market Closes Down With Small-Cap Firms Falling Most
Dou Shicong
DATE:  Jan 03 2019
/ SOURCE:  yicai

(Yicai Global) Jan. 3 -- The main indexes of China's stock market all closed down today, especially the Growth Enterprise Index, which mostly consists of small-cap tech companies. Apple's lower-than-expected first-quarter revenue guidance weighed heavy on companies related to the handset giant.

The Shanghai Composite Index dipped 0.04 percent to 2,464.36 points at the close with CNY106.9 billion (USD15.6 billion) swapped. The Shenzhen Component Index closed down 0.84 percent at 7,089.44 points with CNY145.2 billion exchanged. The Growth Enterprise Index dropped 1.16 percent to 1,214.5 points with CNY46 billion changing hands.

Hong Kong's Hang Seng Index also slid 0.26 percent to 25,064.36 points with a turnover of HKD67.1 billion (USD8.6 billion).

Apple-related stocks in the A-share market fell 2.17 percent overall. Hon Hai Precision Industry [TWSE:2317], better known as Foxconn and a key Apple contractor, also fell 1.71 percent to TWD68.9 (USD2.23). Speaker supplier AAC Technologies [HK:2018] slid 5.88 percent to HKD40.85 per share.

Apple cut its first-quarter revenue expectation yesterday to USD84 billion from between USD89 billion and USD93 billion previously. The projection fell far below Wall Street's expectation of USD91.3 billion. The iPhone maker attributed the reduction to weaker performance in emerging markets, especially in China's mainland.

Editor: William Clegg

Follow Yicai Global on
Keywords:   Shanghai Composite Index,Shenzhen Component Index,Growth Enterprise Index