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Mainland stock exchanges close lower, ending three consecutive days of gains

2014-09-23 08:09 Global Times Web Editor: Qin Dexing
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Stock markets on the Chinese mainland fell Monday after three consecutive winning sessions.

The Shanghai Composite Index declined by 1.70 percent or 39.59 points to 2,289.87 points on Monday. The Shenzhen Component Index dipped by 1.88 percent or 151.38 points to 7,895.87 points.

Combined turnover on the two bourses on Monday was 319.80 billion yuan ($50.60 billion), up from the previous trading session's 306.12 billion yuan.

On Monday, financial, steel, nonferrous, liquor and media sectors were among the biggest drags amid a broad-based fall.

Investors are being cautious ahead of a new round of IPOs this week and the weeklong National Day holidays which begin on October 1. Twelve new companies will start subscription for IPOs this week, which worries market watchers about possible diversion of funds from existing stocks.

All four listed insurers saw a decline of more than 3 percent on Monday. China Pacific Insurance (Group) Co shed 3.84 percent to 18.79 yuan and Ping An Insurance (Group) Co of China lost 3.21 percent to 41.03 yuan.

Banks wiped more than 2 percent on average on Monday. China Everbright Bank Co fell 3.24 percent to 2.69 yuan while Shanghai Pudong Development Bank Co dipped 2.44 percent to 9.61 yuan.

Zhongyuan Special Steel Co plunged by 6.55 percent and Huludao Zinc Industry Co fell 3.87 yuan to 6.71 yuan.

Bucking the trend, stocks linked to oil reform, travel and Tibet Autonomous Region gained on Monday.

ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, shed 1.05 percent or 15.77 points to 1,483.35 points on Monday.

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