CHINA’S stock markets trod water yesterday after steep losses on Monday, 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 narrowed the losses to close 0.57 percent down at 1,345.95, from 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-based enterprise primarily engaged in the mining, processing, and smelting of gold, surged 6.32 percent to close at 7.23 yuan.
Sinolink Securities suggested investors focus on local enterprises as Shanghai prepares to host next month’s China International Import Expo.