As 5-day winning streak ends, stocks close lower

Source: Xinhua | 2019-04-09

Chinese stocks retreated yesterday as the benchmark Shanghai Composite Index snapped a five-day winning streak.

The Shanghai index shed 0.05 percent to close at 3,244.81 points after an intraday low of 3,210.52 points, and the smaller Shenzhen Component Index fell 0.61 percent to 10,351.87 points. The ChiNext, China’s Nasdaq-style growth enterprises board, fell 2.12 percent to 1,739.66 points.

Steelmakers and chemical product makers were among the day’s major winners, gaining 4.64 percent and 3.38 percent. Companies hitting the 10 percent daily cap included Liuzhou Iron and Steel Co, Hunan Valin Steel Co, Danhua Technology and Anhui Liuguo Chemical Co.

Kweichow Moutai Co closed above 900 yuan (US$134) for the first time following the release of better-than-expected first-quarter results. The liquor company said in a filing to the Shanghai Stock Exchange on Friday that profit attributable to shareholders jumped about 30 percent year on year in the first three months. Its shares rose 4.07 percent to close at a record 900.2 yuan after hitting an intraday high of 908.