Chinese shares edge down despite solid trade data

Source: Xinhua| 2017-05-08 16:51:42|Editor: An
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BEIJING, May 8 (Xinhua) -- Chinese stocks fell for the fifth-working day Monday despite solid export growth.

The benchmark Shanghai Composite Index ended the day down 0.79 percent at 3,078.61 points. The smaller Shenzhen Component Index closed 1.91 percent lower at 9833.17 points.

The ChiNext Index, the NASDAQ-style board for innovative enterprises, ended 1.62 percent lower to close at 1,788.71 points.

More than 2,000 stocks across the two bourses fell, and those related to airports and steel were the worst performers.

Customs data showed Monday that the country's foreign trade surplus stood at 262.3 billion yuan (38 billion U.S. dollars) in April, up 0.6 percent year on year. The surplus widened from 164.3 billion yuan in March.

The financial regulator has been stepping up efforts to guard against risks, which has affected investors' sentiment, according to analysts.

China's top insurance watchdog issued a statement Sunday calling for more to be done to establish a strict, effective supervisory framework.

The statement noted existing loopholes in the current insurance regulation, which it said had facilitated risky practices.

Some Chinese insurers had been found to have used leveraged money to buy shares in listed companies, a practice that was linked to volatility in the market at the end of last year.