Stocks fall as investors stay away

Source: Xinhua | 2019-05-10

China’s A-share markets continued on a downward trajectory yesterday as investors took a “wait-and-see” approach amid uncertainties around trade with the United States.

The benchmark Shanghai Composite Index shed 1.48 percent, or 42.81 points, to finish at 2,850.95.

The smaller Shenzhen Component Index slumped by 1.39 percent to end at around 8,877.31 points, while the ChiNext Index was down by 0.84 percent to finish at 1,469.48 points.

The turnover of the two bourses came to 434 billion yuan (US$63.6 billion), shrinking from the volume of 488.8 billion yuan during the previous trading day.

Losses were seen across the board, with food and beverage companies and medical firms among the biggest losers. Shares in Shanghai Laiyifen Co Ltd, a leading domestic company which operates a chain of snack stores in the country, declined by 10 percent to stand at 16.16 yuan a share.

Market sentiment was primarily dampened by deteriorating trade relations between the world’s two largest economies.