Shares shed early gains, close down

Source: Xinhua | 2019-01-29

Chinese stock markets finished lower yesterday, reversing gains recorded during the morning trading session that were based on the appointment of a new head of China’s securities watchdog.

The benchmark Shanghai Composite Index dipped 0.18 percent or 28.61 points, to close at 2,596.98, led by pharmaceuticals and fuel cell manufacturers.

Buoyed by the news that Yi Huiman was appointed Party chief of the China Securities Regulatory Commission, the A-share market opened higher and saw gains by the end of the morning session.

Yi was former chairman of ICBC bank, one of the top four state-owned commercial lenders. The Shenzhen Component Index dropped 0.08 percent to 7,589.58 points, while the Nasdaq-style ChiNext shed 0.45 percent to 1,259.74 points.