Blue chips cast shadow

Source: Xinhua | 2017-07-05

SHANGHAI stocks fell yesterday, mainly driven by the decline of blue chips which cast a shadow over market sentiment.

The Shanghai Composite Index closed down 0.41 percent at 3,182.80 points.

Blue chips were among the biggest decliners. The SSE 50 Index, known as China’s ‘nifty 50,” lost 0.92 percent to 2,511.15. Sentiment was weak as the index fell almost 1 percent at one stage.

Jufeng Investment Information said in a research note that the performance of the SSE 50 which mainly consists of blue-chips, is important for the bourse’s overall performance.

“The SSE 50 is a key factor and will influence the overall index. If the 50 most representative blue-chips in Shanghai decline, the Shanghai Composite Index is likely to fell,” Jufeng said in its note.