Share prices on China's Shanghai and Shenzhen bourses moved in mixed directions on Wednesday as small and big cap stocks went in opposition directions. Large-cap bluechips, particularly insurers, banks and stockbrokers, posted strong on the day and sharply outperformed small-cap stocks, especially those listed on the ChiNext board, which sank more than 1.5 percent.
For the whole day, the benchmark Shanghai Composite Index surged 2.33 percent to end at 3,536.91 points. The Shenzhen Composite Index decreased 0.41 percent to end at 2,189.31 points.
The index for small firms edged up 0.25 percent to end at 8,183.65 and the ChiNext Index sank 1.59 percent to end at 2,613.26. While big-cap stocks rocketed till the market close, small cap stocks also pared more than half of early losses in the afternoon.
Combined turnover of the two bourses shrank slightly to 838.5 billion yuan from 842.9 billion yuan on the previous trading day. Stocks of insurance, banking, securities dealers, transport facilities, liquor-making, coal, steel, nonferrous metals, electricity grid and home appliances sectors led the gainers on Wednesday, while the environmental protection, mineral products, internet, software services, media and entertainment, medical treatment, and shipbuilding sectors underperformed.
On the stock index futures market, the IF December contract surged 5.05 percent to end at 3,692.0, keeping a discount of 29.95 points to the underlying Hushen 300 Index, which soared 3.63 percent to end at 3,721.95.
The SSE 50 December contract jumped 5.52 percent to end at 2,448.0, keeping a discount of 10.41 points to the underlying SSE 50 Index, which rose 4.84 percent to close at 2,458.41. The CSI November contract rose 2.30 percent to end at 7,280.2, keeping a discount of 125.66 points to the underlying CSI 500 stock index, which went down 0.51 percent to end at 7,405.86.
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