(Yicai Global) Oct. 16 -- China's mainland stock markets narrowed their afternoon losses to close mixed after a late rally in the shares of financial companies.
The Shanghai Composite Index edged up 0.13 percent to 3,336.36. The Shenzhen Component Index finished at 13,532.73, a dip of 0.68 percent, while the ChiNext Price Index, which tracks growth stocks in Shenzhen, fell 0.49 percent to 2,724.50.
Insurers and banks gained an average of more than 1 percent led by China Life Insurance [SHA:601628], which jumped 3.3 percent to CNY49.63 (USD7.38), and Bank of Chengdu [SHA:601838], which surged 5.3 percent to CNY10.98.
These gains helped to counter some earlier big falls in the tech sector. Electric vehicle battery maker Contemporary Amperex Technology [SHE:300750] fell 4.4 percent to CNY228.10 (USD34), while EV manufacturer BYD [SHE:002594] slipped almost 2.9 percent to CNY127.80.
In the first complete week of trading this month after an eight-day public holiday, all three benchmark indexes made solid gains, with Shanghai increasing nearly 2 percent, Shenzhen 1.8 percent and the ChiNext 1.9 percent.
The week also saw China’s stock market, the world’s second largest, climb to a record high of more than USD10 trillion, surpassing the previous peak set in 2005. The swift pace of the country’s economic recovery from the impact of the coronavirus outbreak has helped to fuel the advance.
China will be the only major economy to grow this year, the International Monetary Fund restated on Oct. 13 as the Washington-based organization raised its annual growth forecast for the world’s No. 2 economy to 1.9 percent from a 1 percent prediction made in June.
Editor: Kim Taylor