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Chinese stocks retreat on 4G news

English.news.cn   2013-12-05 18:07:24            

BEIJING, Dec. 5 (Xinhua) -- Chinese shares fell on Thursday after rising more than one percent in the previous session, led by 4G related shares, as investors took profits after 4G licenses were issued.

The benchmark Shanghai Composite Index went down 0.21 percent, or 4.70 points, to finish at 2,247.06. The Shenzhen Component Index fell 0.47 percent, or 40.03 points, to finish at 8,560.79.

China's Ministry of Industry and Information Technology (MIIT) handed out long awaited 4G licenses on Wednesday to three domestic telecom operators.

Shares related to the 4G industry chain made wide losses, with ZTC Corp down 5.95 percent. Datang Telecom Technology plunged by 6.70 percent, while Fuchun Communications slumped by the daily limit of 10 percent.

The poor performance of technology stocks also drove the ChiNext Index, China's NASDAQ, down by more than 3 percent.

Combined turnover on the two bourses shrank to 222.90 billion yuan (36.60 billion U.S. dollars) from 271.48 billion yuan the previous day.

Stocks in medical equipment were also big losers, with Zhejiang Di'an Diagnostic down 7.05 percent and Aier Eye Hospital Group closing 5.15 percent lower.

The media and entertainment sector also saw losses, with the index tracking it down 2.09 percent. Beijing Enlight Media slumped 4.18 percent and Shanghai New Culture Media dropped 3.96 percent.

Related:

New era for mobiles as 4G licenses issued to carriers

BEIJING, Dec.5 (Xinhuanet) -- China issued long-awaited 4G licenses to three telecommunications carriers yesterday, which would offer mobile Internet access 20 to 50 times faster than the current 3G network and create a new trillion-yuan market for devices and services.

China, the world’s biggest mobile phone market, has now officially entered the 4G era five years after it issued 3G licenses. The technology is widely adopted in the United States, Europe, Japan, South Korea and other regional markets. Full story

 

Editor: Fu Peng
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