China Stocks Remain Underwater in Afternoon
Yicai Global
DATE:  Nov 21 2019
/ SOURCE:  yicai

(Yicai Global) Nov. 21 -- China's major mainland stock indexes remained listless and closed lower again as investors continued to cash out gains as a consequence of great expectations arising from a cut to the loan prime rate earlier this week.

The Shanghai Composite Index was down 0.25 percent to 2,903.64 at the close. The Shenzhen Component Index ended 0.35 percent lower at 9,774.44. The ChiNext Price Index, which tracks Shenzhen-listed growth stocks, was down 0.38 percent at 1,713.20.

The People's Bank of China cut the benchmark LPR for one-year and five-year loans by 5 basis points today in a widely predicted move, in order to cut funding costs for the real economy. During the days running up to the event, the market rallied strongly, but investors chose to cash out after their anticipations eventuated.

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Keywords:   Stock Market,Shanghai Composite Index,Shenzhen Component Index,ChiNext Price Index