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China markets tread water

October 10,2018

   
   

China's stock markets trod water yesterday, partially helped by gains in the oil sector and gold manufacturing.

The A-share market showed signs of rebounding during the morning session, but they were later wiped out. The benchmark Shanghai Composite Index edged up 0.17 percent, or 4.50 points, to finish at 2,721.01 and the Shenzhen Component Index ended at 8,046.39 from Monday's close of 8,060.83.

The Nasdaq-style ChiNext enterprise board hit a four-year intra-day low at about 1,338 points before it finally narrowed the losses to close 0.57 percent down at 1,345.95 compared with Monday's close of 1,353.67.

Mining service providers, oil and coal companies and gold firms led the gains, while military industry, domestic software and pharmaceuticals stocks fell heavily.

Shares in Zhongjin Gold Corp Ltd, a Beijing-headquartered enterprise primarily engaged in the mining, processing, and smelting business of gold, surged by 6.32 percent to close at 7.23 yuan.

Sinolink Securities noted that there will be both “silver linings and clouds” for the A-share market in October and suggested investors focus attention on local Shanghai local enterprises as it prepares to host next month;s China International Import Expo.

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