Share prices on China's Shanghai and Shenzhen bourses extended weak momentum amid shrinking turnover on Thursday as bluechips retreated on profit taking.
China Insurance Regulatory Commission (CIRC), China's top insurance regulator, on Wednesday issued stricter disclosure requirements for insurance companies' shareholdings in targeted companies, which poured cold water on investors' enthusiasm on bluechips that are regarded as the most favored investment targets of the insurers. For the whole day, the benchmark Shanghai Composite Index lost 0.65 percent to end at 3,612.49 points. The Shenzhen Composite Index went down 0.2 percent to end at 2,346.37 points. The index for small firms fell 0.45 percent to end at 8,517.34, and the ChiNext Index edged up 0.43 percent to end at 2,795.78.
Combined turnover of the two bourses shrank sharply to 749.56 billion yuan from 996.66 billion yuan on the previous trading day. Stocks of securities brokerage, aviation, coal, property, electric power, tourism, petroleum and environmental protection sectors were the top losers while those in telecom operation, mineral products, machinery, software, chemicals, insurance and agricultural sectors were among the top gainers.
On the stock index futures market, the IF January contract shed 1.2 percent to end at 3,775.2, keeping a discount of 54.2 points to the underlying Hushen 300 Index, which lost 0.96 percent to end at 3,829.4. The SSE 50 January contract fell 1.07 percent to end at 2,458, keeping a discount of 23.75 points to the underlying SSE 50 Index, which dropped 0.85 percent to close at 2,481.75. The CSI January contract dropped 0.24 percent to end at 7,533.4, keeping a discount of 219.64 points to the underlying CSI 500 stock index, which went down 0.26 percent to end at 7,753.04.
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