Chinese Stock Markets Tamped Down Early Gains to Close in the Red
Zhang Yushuo
/SOURCE : yicai

(Yicai Global) Dec.27 -- Chinese stock markets on the mainland closed down for the third consecutive day while failing to jump on the US bandwagon of market rallies that started yesterday. 

The Shanghai Composite Index slid 0.61 percent to close at 2,483.09 points, with CNY112.5 billion (USD16.3 billion) worth of stocks changing hands. The Shenzhen Component Index fell 1.02 percent to 7,215.34 points, with a turnover of CNY151.5 billion. The Growth Enterprise Market Index declined 1.26 percent to 1,248.08, with traders swapping CNY49.6 billion (USD7.2 billion) worth of shares.

US investors brought some their Christmas cheer to the markets after the Xmas holidays ended yesterday. They managed to uplift three major indexes, including the S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite, at least 4 percent.

Chinese equities related to startups, investment, and video games were among those who gained today. State-owned oil giant Sinopec [SHA:600028] led the plunge, down 6.75 percent to CNY5.25 (USD76 cents), after Reuters reported today that two heads of the firm's trading unit have been suspended due to poor business strategy. Banks and fifth-generation mobile networks were going relatively strong.

Chinese stock markets are quite weak but they may rebound in the short-term if investors align according to the SSE Index's psychological 2,500 point mark, investment firm China Post Securities said on its website, citing analysts.

Most Asian bourses closed in the green. South Korea's Kospi Composite Index closed 0.02 percent higher. In Japan, the Nikkei-225 Index edged up 3.88 percent to finish the day at 20,077.62, while rebounding above the 20,000 point mark. The Tokyo Stock Price Index Index rose 4.9 percent to 1,501.63. 

Australia's S&P/ASX 200 advanced 1.8 percent. New Zealand's NZX50 Index rose 0.7 percent. 

Editor: Emmi Laine

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Keywords: Shanghai Composite Index , Shenzhen Component Index , Composite Index , Hang Seng Index