Share prices on China's Shanghai and Shenzhen stock bourses retreated sharply on Friday as investors chose to take profit after more than a week's continuous sharp rises. Heavy sell-off happened to those stocks with sharp gains in recent weeks, particularly those newly listed in the first half of this year.
For the whole day, the benchmark Shanghai Composite Index sank 1.43 percent to end at 3,580.84 points. The Shenzhen Composite Index plunged 2.39 percent to end at 2,205.56 points. The index for small firms lost 2.21 percent to end at 8,345.63 and the ChiNext Index dived 2.63 percent to end at 2,710.16. Combined turnover of the two bourses shrank further to 1.14 trillion yuan from 1.23 trillion yuan on the previous trading day.
All listed sectors except for pubic transport and securities dealers ended in the negative territory. Stocks of medical treatment, internet, software services, aviation devices, computer equipment, nonferrous metals, shipbuilding, and media and entertainment sectors led the losers on Friday.
On the stock index futures market, the IF November contract sank 0.95 percent to end at 3,722.2 , keeping a discount of 24.04 points to the underlying Hushen 300 Index, which lost 1.29 percent to end at 3,746.24. The SSE 50 November contract went down 1.18 percent to end at 2,436.2, maintaining a discount of 11.57 points to the underlying SSE 50 Index, which fell 1.16 percent to close at 2,447.77. The CSI November contract decreased 0.58 percent to end at 7,468.0, keeping a discount of 99.11 points to the underlying CSI 500 stock index, which lost 1.50 percent to end at 7,567.11.
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