Financials Help Counter Sell-Off in Growth Stocks as China’s Markets End Lower(Yicai Global) Oct. 21 -- China’s mainland stock markets fell today as investors offloaded tech growth stocks. The benchmark Shanghai Composite Index finished little changed thanks to a late rally in the shares of financial companies.
Gains in insurance and banking stocks helped the large cap heavy Shanghai bourse walk back a morning loss of as much as 0.78 percent to end just 0.09 percent off at 3,325.02. The Shenzhen Component Index fell 1 percent to 13,467.91.
Decliners outnumbered gainers 1,091 to 324 in Shanghai and 1,782 to 466 in Shenzhen.
Tech growth stocks were the day’s biggest losers. The Star 50 Index, which mirrors Shanghai’sNasdaq-style board for fast-growing enterprises, finished down 2.05 percent at 1,396.98, while the ChiNext Price Index, which tracks growth stocks in Shenzhen, dropped 1.46 percent to 2,700.53.
Hotel, restaurant, civil aviation and gold stocks were also in favor.
Editor: Kim Taylor
