China stocks fall, tech indices drop over 4 per cent; major banks hit record highs
Chinese mainland stocks closed lower on 29 October, with the Shanghai Composite Index falling 0.82 per cent and the tech-heavy ChiNext and STAR Market indices both sliding over 4 per cent. Industrial and Commercial Bank of China and China Construction Bank hit record highs, pushing the combined mark
Chinese mainland stock markets ended lower on 29 October, with technology-heavy indices suffering heavy selling pressure, according to Radio Television Hong Kong.
The Shanghai Composite Index closed at 3,651 points, down 30 points, or 0.82 per cent. The Shenzhen Composite Index fell 334 points, or 2.92 per cent, to 11,138 points. The ChiNext Index dropped 117 points, or 4.45 per cent, to 2,517 points. The STAR Market Index, also known as the Science and Technology Innovation Board, declined 54 points, or 4.27 per cent, to 1,228 points.
Shares in computing hardware companies fell sharply, while stocks in the CPO (co-packaged optics), communications equipment and electric motor sectors also came under pressure. In contrast, shares in wind power equipment, coal, insurance and banking sectors performed well.
A-shares of Industrial and Commercial Bank of China and China Construction Bank both hit record highs. The combined market capitalisation of China's four biggest state-owned banks exceeded 10 trillion yuan for the first time ever, the report said.