(Yicai Global) Oct. 30 -- China's stock markets stayed weak during the afternoon trade, with the major indexes extended losses amid market concerns over a liquidity shortage.
Losses were seen across the board, with only a handful of sectors closing the session in the black.
However, some market heavyweights such as China Petroleum & Chemical Corporation [SHA:600028] and major competitor PetroChina Company Ltd. [SHA:601857], as well as major banks such as Industrial And Commercial Bank Of China Ltd. [SHA:601398] bucked the trend.
Due to the size of these companies, it is believed their share price rises will significantly alleviate the effect of the downward trend seen acrosses the indexes.
The Shanghai Composite Index was down 0.77 percent, representing the biggest single-day loss for two-and-a-half months, to close at 3,390.34 points in the afternoon trade after hitting intraday low of 3,357.28 in the morning session, with turnover of CNY257.8 billion (USD38.8 billion).
The Shenzhen Component Index lost 1.15 percent at 11,312.61 points, up from the intraday low of 11,192.18, with CNY304.7 billion swapped.
The Growth Enterprise Index, mostly comprising small-cap companies, was down 2.12 percent at 1,855.99 points, also up from the early low point of 1,848.04, with CNY83.21 billion changing hands.
China's bond market-selling continued on Monday with intensified liquidity concerns, the yields on ten-year Treasury bonds and five-year Treasury bonds hit a new three-year high. The ten-year Treasury bonds futures at the China Financial Futures Exchange also fell by as much as 1.23 percent, to close at 0.88 percent.