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China stocks lower on weak financial sector

English.news.cn   2013-12-30 19:13:02            

BEIJING, Dec. 30 (Xinhua) -- Chinese shares rose in morning trade on Monday after a government pledge to protect small investors, but gave up their early gains in the afternoon, with losses led by the financial sector.

Over the day, benchmark Shanghai Composite Index lost 0.18 percent, or 3.72 points, to finish at 2,097.53. The Shenzhen Component Index lost 0.62 percent, or 49.55 points, to finish at 7,999.30.

Total turnover on the Shanghai and Shenzhen bourses shrank slightly to 160.14 billion yuan (26.24 billion U.S. dollars) from 162.31 billion yuan recorded the previous trading session.

The Shanghai Composite Index opened 0.36 percent higher in the morning as market sentiment was brightened by a document released on Friday on the interests of small investors.

The measures include information transparency and better dispute settlement and compensation.

But shares dropped in the afternoon, led by banking and insurance shares, as cash concerns lingered.

Bank of Communications sank 2.31 percent to 3.80 yuan per share. Bank of China shed 1.88 percent to 2.61 yuan, and China Minsheng Bank dropped 1.30 percent to 7.57 yuan.

China Life lost 1.38 percent to 14.98 yuan and China Pacific Insurance edged down 0.81 percent to 18.37 yuan.

Furniture and machinery were the two strongest sectors across the board with sub-indices tracking the two sectors up 1.77 percent and 1.63 percent respectively.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, rose 1.06 percent, or 13.69 points, to close at 1,307.99 points.

Editor: Zhu Ningzhu
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