The Shangai Composite Index Closes 0.27% Lower

The Shangai Composite Index fell -11 points or 0.27 percent on Monday to close at 4084 points. Leading the losses are Power Construction Corporation of China (-10.01%), Datang Intl (-9.28%) and Metallurgical (-4.23%). Top gainers were Kweichow Moutai (3.10%), China International (2.40%) and BAIC BluePark (2.32%).

The Shanghai Composite fell 0.26% to close at 4,085 on Monday, marking a third straight session of declines as Middle East tensions and volatile oil prices weighed on sentiment. The US attacked military targets on Iran’s main oil-export hub of Kharg Island over the weekend, while traders considered reports that the US will soon announce a coalition of countries to escort ships through the Strait of Hormuz. Investors also braced the upcoming meeting between president Xi Jinping and Donald Trump later this month. Meanwhile, data showed Chinese industrial production and retail sales exceeded expectations in the first two months of the year, supported by holiday spending and strong foreign demand. However, new home prices fell the most in eight months amid a prolonged property downturn. Notable decliners included Huagong Tech (-1.3%), Zijin Mining (-2.9%), Power Construction (-10%), Suzhou TFC (-4.3%), and China Energy Engineering (-8.3%).

The Shangai Composite Index decreased -33 points or 0.80 percent on Friday to close at 4096 points. The decline was led by Aluminum Corporation of China (-5.15%), China Molybdenum (-3.44%) and NARI Technology (-3.31%). On the upside, the strongest performers were Power Construction Corporation of China (9.94%), Hengli Petrochemical (2.31%) and Great Wall Motor (2.23%).