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Shanghai stocks see prices rise slightly

Huang Yixuan
Smaller Shenzhen index performs weakly while STAR Market tumbles 1.05 percent and ChiNext closes 0.49 percent lower on the last trading day of the week.
Huang Yixuan

Shanghai stocks rose slightly on Friday, while the Shenzhen market was weak.

The benchmark Shanghai Composite Index rose 0.13 percent to 3,336.36 points, while the smaller Shenzhen Composite Index dipped 0.68 percent to 13,532.73 points.

The STAR 50 Index, meanwhile, tumbled 1.05 percent to 1,438.53 points, and the ChiNext Composite Index closed 0.49 percent lower at 2,724.5 points.

Turnover on the two major bourses added up to 708.5 billion yuan (US$105.62 billion), further shrinking from the 764 billion yuan in the previous session. Trading volume on the Shanghai market was 10.4 billion yuan lower at 263.8 billion yuan.

Capital continued to flow out of the Chinese mainland for the third session in a row, posting a net outflow of 503 million yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong. For the week, the cumulative net outflow reached 11.12 billion yuan.

Among industries, banks extended the gains, with Bank of Chengdu rising 5.27 percent while Industrial Bank Co and Ping An Bank Co were both up over 3 percent.

The fine chemical industry, however, led the losses. Asia Cuanon Technology Shanghai Co tumbled by the daily limit of 10 percent, while Shenzhen Capchem Technology Co and Shenzhen Dynanonic both ended nearly 6 percent lower.

Shares related to the third generation of semiconductors were also among the big decliners, with Yangzhou Yangjie Electronic Technology Co, YaGuang Technology Group Co and Wingtech Technology Co all shedding over 5 percent.

The education sector, coal firms and iron and steel companies performed well, while shares related to new-energy auto, the aerospace and military industry and petrochemical shares fell.

Despite the weaker performance in the previous two sessions, the Shanghai Composite Index still posted a weekly gain of 1.96 percent, extending the 1.68 percent rise last week. Trading volume, however, shrank sharply to 1.7 trillion yuan compared with 264.1 billion yuan in the previous week.

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