Chinese stocks shed 6.31% on Tue
Chinese stocks retreated on Tuesday amid a massive downward trend in neighboring markets.
The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, tumbled 6.31%, or 128.06 points, to 1902.43 points after fluctuating between 2050.88 and 1889.87 points.
The Shenzhen Component Index on the smaller Shenzhen Stock Exchange dived 7.22%, or 489.73 points, to 6293.30 points, after touching an intraday low of 6264.84 points.
Decliners in the Shanghai market outnumbered gainers by 768 to 52, while 34 were unchanged. Aggregated turnover on the two bourses was RMB 148.01 billion.
Generally speaking, securities, insurer and real estate stocks led the loss.
Air China Ltd<601111><753>, the largest carrier in the country by market value, lost 4.73% to RMB 4.43. China Eastern Airlines<600115><670>, the country’s third-largest carrier, rocketed 10.13% to RMB 4.24. China Southern Airlines Co<600029><1055>, the largest airline by fleet size in the country, surged 5.72% to RMB 3.88.
CITIC Securities Co. Ltd<600030>, the country’s most profitable brokerage, plunged 7.92% to RMB 18.95. Changjiang Securities Co. Ltd<000783> dropped 10.01% to settle at RMB 10.97. Guoyuan Securities Co. Ltd<000728> dived 9.98% to close at RMB 11.37. Haitong Securities Co Ltd<600837>, a Shanghai-based brokerage, tumbled 10.01% to RMB 13.48.
China Vanke Co Ltd<000002><200002>, the country’s largest publicly traded residential properties developer, declined 9.96% to RMB 6.15. Gemdale Corp<600383>, one of the largest property developers in China, lost 5.70% to RMB 5.96. COFCO Property (Group) Co Ltd<000031> shed 9.92% to RMB 5.54.
China Life Insurance Co<601628><2628>, the country’s largest life insurance company, fell 8.01% to RMB 19.86, while its smaller rival Ping An Insurance (Group) Co<601318><2318> plunged by 10% daily limit to RMB 24.47.
Market heavy weight PetroChina<601857><857>, the nation’s top oil producer, edged down 4.57% to close at RMB 11.08, while Asia’s largest oil refiner Sinopec<600028><386> gave up 7.53% to close at RMB 7.61.
Tags: brokers, China-Life, insurer, Shanghai-Composite-Index, Shanghai-Stock-Exchange, Shenzhen-Stock-Exchange, Stock