Chinese Mainland Stocks Remain Mixed at Lunch
Tang Shihua
DATE:  Feb 28 2019
/ SOURCE:  yicai

(Yicai Global) Feb. 28 -- Stock markets on the Chinese mainland stayed mixed at the end of the morning session amid listless investing in large cap-dominated Shanghai but a morning push on the tech-heavy Shenzhen bourse.

The Shanghai Composite Index was down 0.35 percent at 2,943.42 going into the lunch break, while the Shenzhen Component Index was up 0.11 percent at 9,015.84. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, hit the break up 0.67 percent at 1,530.63 after peaking at almost 2 percent higher.

Investors were torn between worse-than-expected manufacturing business activity in February, signaled by an official purchasing managers' index of 49.2, and latest progress in the preparations for a science and technology innovation board that will provide fresh support for growth stocks.

The three stock indexes have struggled into a rough patch over the past few days after hitting multi-year highs during a two-week bullish streak. They had each gained between 14.4 percent and 28.3 percent between Feb. 11 -- the first day of trading after the week-long Chinese New Year holiday -- and Feb. 26's intraday peaks.

Trading volume today slipped again to CNY408.5 billion (USD61.2 billion), down from CNY500 billion at yesterday's lunch break. The previous two days had set new multi-month highs for turnover, each at more than CNY1 trillion.

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