1st LD-Writethru: Chinese shares recover earlier losses

Xinhua
29 Jul 2021, 02:19 GMT+10

BEIJING, July 28 (Xinhua) -- Chinese stocks closed lower on Wednesday, with the benchmark Shanghai Composite Index down 0.58 percent, at 3,361.59 points, easing from a sharp drop of 2.49 percent on Tuesday.

The Shenzhen Component Index closed 0.05 percent lower at 14,086.42 points, recovering from Tuesday's loss of 3.67 percent.

The combined turnover of stocks covered by the two indices came in at 1.27 trillion yuan (about 195.6 billion U.S. dollars), down from 1.53 trillion yuan on the previous trading day.

　 The sharp drop is unsustainable and the index will gradually stabilize, Guotai Junan Securities said in a report, noting that the decline of the market earlier was mainly affected by short-term factors, and the medium-term positive trend of the market remains unchanged.

The macro liquidity remains loose, with the reserve requirement ratio cut earlier this month leading to a stable market expectation of macro liquidity easing, said Qin Peijing, chief analyst of CITIC Securities, in a research note.

Qin added that the driving forces and bright spots of the Chinese economy in the second half of the year still exist, and the trend of stable and positive fundamentals also remains unchanged.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, gained 1.61 percent to close at 3,284.92 points Wednesday.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Brazil Sun.

More Information

28 ℃

Fair in Brasilia

South America

Section

Saudi A., like China, ends Brazil meat imports over Mad Cow findings

BRASILIA, Brazil: Brazil's Agriculture Ministry announced that beef imports from some Brazilian meatpackers were suspended by Saudi Arabia after the ...

Rose Lavelle enjoys homecoming as USWNT blasts Paraguay

Rose Lavelle wowed her hometown fans with a goal and three assists in the first 15 minutes to overshadow Alex ...

Seven Spring unveils new range of Nourishing Concoctions

New Delhi [India], September 21 (ANI/NewsVoir): Teas are a consequential part of our culture and it holds a significant meaning ...

Jaishankar meets UK counterpart

New York [US], September 21 (ANI): External Affairs Minister S Jaishankar during the meeting with his UK counterpart Liz Truss ...

COVID: Vaccinated passengers from India can travel to US

Washington [US], September 21 (ANI): Amid the ongoing COVID-19 pandemic, the United States has allowed fully vaccinated flyers from several ...

TerraPay partners with MOVii

The Hague [Netherlands], September 21 (ANI/PRNewswire): Embarking on the first step to enter the Colombian region for enabling cross-border digital ...

Business

Section