Despite a higher opening, share prices on China's Shanghai and Shenzhen bourses soon lost momentum and slid down amid expanding turnover for most of the day on Thursday as investors took profit and reserved cash for subscribing IPOs from next Monday.
Small cap stocks, especially those listed on the ChiNext board, led the decliners on Thursday with the index tracking the board falling over two percent. For the whole day, the benchmark Shanghai Composite Index lost 0.34 percent to end at 3,635.55 points.
The Shenzhen Composite Index shed 0.77 percent to end at 2,325.69 points. The index for small firms went down 1.13 percent to end at 8,655.06 and the ChiNext Index fell 2.22 percent to end at 2,833.20. Combined turnover of the two bourses expanded to 1.11 trillion yuan from 1.02 trillion yuan on the previous trading day.
Stocks of shipbuilding, coal, mineral products, insurance, logistics and nonferrous metals sectors led the gainers on the day while those in medical care, environmental protection, telecom operation, software, machinery, internet, petroleum and securities brokerage sectors were the top losers.
On the stock index futures market, the IF December contract went down 0.51 percent to end at 3,662.0, keeping a discount of 97.43 points to the underlying Hushen 300 Index, which edged down 0.59 percent to end at 3,759.43.
The SSE 50 December contract shed 0.18 percent to end at 2,415.0, keeping a discount of 35.96 points to the underlying SSE 50 Index, which edged down 0.35 percent to close at 2,450.96. The CSI November contract fell 0.93 percent to end at 7,531.8, keeping a discount of 342.48 points to the underlying CSI 500 stock index, which went down 0.61 percent to end at 7,874.08.
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