Mainland China stocks close 1-4% lower but post weekly gains
Mainland Chinese stock markets fell 1-4% on 6 November, led by tech and pharma shares, while agriculture, banking and power stocks rose. Despite the daily drop, all three major indices ended a six-week losing streak with weekly gains: Shanghai composite up 1.39%, Shenzhen composite up 3.16% and ChiN
Mainland Chinese stock markets closed lower on Friday 6 November, with the Shanghai composite, Shenzhen composite and ChiNext indices falling between 1.1 per cent and nearly 4 per cent, according to RTHK.
The Shanghai composite index ended the day at 3,649 points, down 40 points or 1.1 per cent. The Shenzhen composite index dropped 295 points, or 2.57 per cent, to 11,175 points. The ChiNext index, which tracks high-growth and tech-focused stocks, fell 101 points, or 3.96 per cent, to 2,465 points.
Shares in computing hardware, semiconductor chips and medical pharmaceuticals recorded the largest declines, the report said. In contrast, stocks in agriculture, banking and electricity sectors rose against the broader market trend.
Despite the day's losses, all three indices posted gains for the full trading week, breaking a six-week losing streak. The Shanghai composite rose 1.39 per cent over the week, the Shenzhen composite gained 3.16 per cent, and the ChiNext index added 2.14 per cent.
The CSI 300 index, which tracks the top 300 stocks on the Shanghai and Shenzhen exchanges, rose 1.7 per cent for the week, ending a 12-week consecutive decline. The STAR Market 50 index, which tracks the top 50 stocks on the Nasdaq-style STAR board, rebounded 8 per cent, marking its biggest weekly gain in nearly four months.