Chinese shares stage mixed performance

Beijing, Feb 3 (IANS) Chinese shares closed mixed on Wednesday, as small-cap stocks led a surge and recouped some losses near closing.

The benchmark Shanghai Composite Index lost 0.38 percent to 2,739.25 points while the smaller Shenzhen index edged up 0.29 percent to close at 9,638.87 points, Xinhua reported.

The ChiNext Index, which tracks China’s NASDAQ-style board of growth enterprises, gained 0.73 percent to close at 2,090.51 points.

Total turnover on the two bourses waned, standing at 375.94 billion yuan ($57.38 billion).

Altogether, nearly 50 stocks rose by the daily limit of 10 percent, while more than 120 stocks climbed by five percent at closing.

Financial heavyweights were among the worst performers, dragging down the benchmark Shanghai Composite Index below 2,700 points shortly after the midday break, before the small-cap stocks led the rebound.

CITIC Securities, China’s largest brokerage, declined by 0.89 percent and closed at 14.47, while the Industrial and Commercial Bank of China fell 0.99 percent to close at 4.01 yuan.

Real estate continued on Tuesday’s advance, with major developer Poly Real Estate Group gaining 1.11 percent to close at 9.14 yuan.

The real estate sector was pepped up after the government announced on Tuesday evening that it would lower the minimum deposit for home purchases in most cities to spur the housing market.

The move, the second adjustment in four months, is intended to “support reasonable consumption of housing”, the central bank and the banking regulator said in a joint statement.

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