Share prices on China's Shanghai and Shenzhen bourses were in weak correction in most time of the day on Wednesday but the major indices suddenly turned the head down in the last half hour before the market close and finally closed lower, largely on profit-taking pressure and liquidity concerns from IPOs..
Seven companies started new share subscription from Wednesday, which would lock up significant amount of capital from the secondary market. For the whole day, the benchmark Shanghai Composite Index lost 0.43 percent to end at 3,636.09 points. The Shenzhen Composite Index went down 1.2 percent to end at 2,351.06 points. The index for small firms fell 1.12 percent to end at 8,556.14, and the ChiNext Index plunged 1.97 percent to end at 2,783.94.
Combined turnover of the two bourses expanded sharply to 996.66 billion yuan from 874.34 billion yuan on the previous trading day. Stocks of public transport, securities brokerage, insurance, commerce and banking sectors were among the top gainers while those in Internet, logistics, semiconductor, software, nonferrous metals, agricultural, aviation, telecom operation, shipbuilding, chemical and media sectors were the top losers.
On the stock index futures market, the IF January contract edged down 0.27 percent to end at 3,805, keeping a discount of 61.38 points to the underlying Hushen 300 Index, which lost 0.27 percent to end at 3,866.38. The SSE 50 January contract gained 0.35 percent to end at 2,470.8, keeping a discount of 32.26 points to the underlying SSE 50 Index, which added 0.28 percent to close at 2,503.06. The CSI January contract dropped 1.42 percent to end at 7,516.4, keeping a discount of 256.88 points to the underlying CSI 500 stock index, which went down 1.06 percent to end at 7,773.28.
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