Chinese shares seesaw, financials lead gains

0 Comment(s)Print E-mail Xinhua, October 24, 2018
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Chinese shares seesawed Wednesday, with the key Shanghai index swinging between gains and losses, as investors remained jittery after Tuesday's heavy sell-off.

The benchmark Shanghai Composite Index finished 0.33 percent higher at 2,603.30 points, after spending the day swinging between a gain of 1.65 percent and a decline of 0.62 percent, following its 2.26-percent slump on Tuesday.

The Shenzhen Component Index closed 0.39 percent lower at 7,545.11 points.

Combined turnover on the two bourses remained thin, shrinking further to 297.2 billion yuan (about 43.07 billion U.S. dollars) from 357.6 billion yuan the previous trading day.

Financial shares led the gains, with the sub-indices of banking and brokerages up 2.87 percent and 2.48 percent respectively.

The Industrial and Commercial Bank of China, the country's largest commercial bank, climbed 2.74 percent to 5.62 yuan. Bank of Communications rose 1.39 percent to 5.85 yuan. Shares of Sealand Securities surged by the daily limit of 10 percent to 3.87 yuan.

Liquor makers were among the biggest losers, with Kweichow Moutai, the country's leading liquor producer, down 0.74 percent to 636.99 yuan. Hebei Hengshui Laobaigan Liquor fell 2.18 percent to 14.79 yuan.

The ChiNext Index, the country's NASDAQ-style board of growth enterprises, fell 0.62 percent to close at 1,284.1 points.

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