Off the wire
• China's local governments set poverty reduction goals  • Most rebel groups agree to attend upcoming Syria negotiations in Astana  • Kazakh president sees green energy boom in developing world  • China treasury bond futures close lower Monday  • China Hushen 300 index futures close lower Monday  • Trump hails Brexit as "great thing", vows swift trade deal with Britain  • Chinese student dies week after being found unresponsive in New Zealand swimming pool  • Sales of Singapore's new private homes down 4.4 pct in December year-on-year  • Top-seeded Murray into round two of Australian open with straight sets win  • Foreigners buy over 10 bln USD of S.Korean stocks in 2016  
You are here: 　 Home

1st LD-Writethru: Chinese shares close lower Monday

Xinhua, January 16, 2017 Adjust font size:

Chinese stocks fell on Monday, pressured by tech companies as investors grew gloomy about faster initial public offering (IPO) approvals.

The benchmark Shanghai Composite Index fell 0.3 percent to 3,103.43 points, after sliding to a three-month low of 3,044.29 in the morning session.

The smaller Shenzhen index closed 2.95 percent lower at 9,712.79 points.

Turnover on the two exchanges stood at 522 billion yuan (about 75.87 billion U.S. dollars).

The tech-heavy ChiNext Index, which tracks listed start-up companies, slid 3.64 percent to 1,830 points, after falling as much as 6.1 percent in the afternoon trading session, as faster approvals for IPOs increased the supply of equity in the market. Chinese regulators on Friday approved 10 IPO applications.

Except for banking shares, all other sectors posted lackluster performances.

China Vanke, a major property developer, retreated 3.71 percent to close at 21 yuan.

Petroleum stocks lost ground. Xinjiang Zhundong Petroleum Technology Co. plunged by the 10-percent daily limit to end at 16.18 yuan.

Tech company But'one Information Corp. slumped by 10 percent to 50.06 yuan.

The banking sector bucked the broad trend to close 0.08 percent higher. China Merchants Bank rose 1.98 percent to finish at 18.58 yuan. Endi