The Shangai Composite Index Closes 0.25% Lower

The Shangai Composite Index dropped 10 points or 0.25 percent on Thursday to close at 4098 points. Losses were led by Datang Intl (-9.53%), New China Life (-7.08%) and China Pacific Insu (-6.96%). Offsetting the fall, top gainers were Great Wall Motor (5.29%), Kangmei Pharma (3.68%) and Jiangsu Hengrui (3.19%).

The Shanghai Composite fell 0.43% to close at 4,090 on Thursday, while the Shenzhen Component rose 0.94% to a one-month high of 16,030, with investors favoring technology stocks after regulators pledged support for innovation at the Lujiazui Forum. Beijing stepped up efforts to channel funding toward emerging technologies amid intensifying competition with the US. Authorities said they would support stock market listings for startups in "future industries," including quantum technology, nuclear fusion, and brain-computer interfaces. Tech stocks such as Zhongji Innolight (7.19%), Eoptolink Technology (4.23%), and NAURA Technology (2.39%) were among the top performers. Meanwhile, losses in major banks, including Industrial and Commercial Bank of China (-2.72%), Agricultural Bank of China (-2.45%), and China Construction Bank (-2.07%), weighed on the Shanghai Composite, creating a divergence between the two indexes. Markets will be closed on June 19 for the Dragon Boat Festival holiday.

The Shangai Composite Index went up by 18 points or 0.44 percent on Wednesday to close at 4110 points. The rise was led by Power Construction Corporation of China (7.04%), Datang Intl (4.71%) and China Communications Construction (3.40%). On the downside, the weakerst performers were BAIC BluePark (-4.62%), Shaanxi Coal (-3.36%) and Yonghui Superstore (-3.35%).