Financial Firms Stand Strong as Waning Investor Confidence Hits China's Stock Markets Hard
Tang Shihua
DATE:  Dec 05 2017
/ SOURCE:  Yicai
Financial Firms Stand Strong as Waning Investor Confidence Hits China's Stock Markets Hard Financial Firms Stand Strong as Waning Investor Confidence Hits China's Stock Markets Hard

(Yicai Global) Dec. 5 -- China's stock markets extended losses this afternoon, with the  Shenzhen Composite Index and Growth Enterprises Index sliding to three-month lows.

Most sectors were south at market close, but the large-cap financial sector and many listed state-owned enterprises garnered support which proved critical in keeping the benchmark Shanghai Composite Index from falling below the psychologically important level of 3300.

The major indexes stabilized briefly after heavy selloffs from their 22-month highs in late November, a sign of economic slowdown and the effective of excessive market valuations weighing on investor confidence.

Finance was the only major sector to close on a positive note, while firms working with non-ferrous metals, smart voice interaction and new materials led the losers. 

The Shanghai Composite Index closed down 0.18 percent at 3,303.68 points, with turnover reaching CNY243.5 billion (USD36.84 billion), significantly higher than yesterday's CNY185 billion.

The Shenzhen Component Index was down 1.45 percent at 10,854.76 points, a new low since early September. Turnover on the Shenzhen exchange grew to CNY239.2 billion from CNY222.3 billion yesterday.

The Growth Enterprise Index closed down 2.18 percent at 1,758.59 points, hitting an intraday trough of 1746.12, a three-month low. Some CNY59.9 billion changed hands, slightly lower than yesterday's CNY60.4 billion.

Follow Yicai Global on
Keywords:   Stock Markets,Shanghai Composite Index,Shenzhen Component Index,Growth Enterprise Index,A-Shares