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Shares end lower with investors cautious

Hu Yumo
Pharmaceutical and consumer company stocks led market declines as the benchmark Shanghai Composite Index dropped 0.71 percent to close the day at 3.312.67 points.?
Hu Yumo

Shanghai shares ended lower on Monday, led by declines among pharmaceutical and consumer companies.

The benchmark Shanghai Composite Index fell 0.71 percent to close at 3,312.67 points, while the smaller Shenzhen Component Index lost 0.82 percent to 13,421.19 points.

Investors were cautious despite China's gross domestic product expanding 4.9 percent year on year in the third quarter, faster than the 3.2 percent growth in the second quarter.

Trading volume on the two major bourses added up to 739.1 billion yuan (US$110.5 billion), compared with the previous trading day’s 708.5 billion yuan. Turnover on Shanghai's main board was 283.9 billion yuan, an increase of 30.5 billion yuan over the previous day's 253.4 billion yuan.

A total of 39 listed firms posted gains of more than 9 percent, while 15 declined by over 9 percent.

Guotai Junan Securities believes the index will gradually stabilize, with limited room for further decline. The company said the market’s recent pullback is a technical adjustment of the rapid rise after the holiday, and overseas pandemic situation had also inhibited the appetite for risk. 

Guotai Junan Securities said economic data in the third quarter continued to improve steadily and it is remains optimistic about medium and long-term trends in the A-share market.

CSC Financial Co Ltd said China’s economy has entered the best state of recovery and it maintains its positive view of the share market.

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