Chinese shares bounce back amid global sell-off

0 Comment(s)Print E-mail Xinhua, October 25, 2018
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China's major stock index closed higher Thursday, reversing sharp losses seen in the morning trading, with financial heavyweights leading the gains.

The benchmark Shanghai Composite Index ended 0.02 percent higher at 2,603.8 points, after slumping 2.4 percent at the opening. The Shenzhen Component Index almost recovered lost ground, closing 0.21 percent lower at 7,529.41 points, following a 2.79-percent plunge at the opening.

Combined turnover on the two bourses stood basically unchanged at 292.6 billion yuan (about 42.16 billion U.S. dollars).

The strong performance came amid weak investor sentiment worldwide, with the Dow Jones Industrial Average falling 2.41 percent and the S&P 500 slumping 3.09 percent Wednesday. Both the Dow and the S&P 500 have wiped out their gains this year.

Tracking losses on Wall Street, Asian shares retreated Thursday. In Japan, the benchmark Nikkei index ended at a near seven-month low, tumbling 3.72 percent.

The Korea Composite Stock Price Index sank 1.63 percent.

Securities brokers were among the biggest winners on the A-share market Thursday, with Sealand Securities Company surging by the daily limit of 10 percent.

Real estate companies also saw their shares jump. Shares of China Vanke, a major developer, soared by 4 percent.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, fell 0.82 percent to close at 1,273.6 points. 

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