Newcomers led drops on Chinese stock market

Source: Xinhua| 2017-07-10 18:00:41|Editor: Mengjie
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BEIJING, July 10 (Xinhua) -- Chinese stocks dropped Monday, led by newly-listed companies which saw strong gains last week.

The benchmark Shanghai Composite Index was down 0.17 percent to 3,212.63 points. The Shenzhen Component Index closed 0.55 percent lower at 10,505.6 points.

The combined turnover of stocks in the two indices expanded to 500.7 billion yuan (about 73.7 billion U.S. dollars) from 466.3 billion yuan on the previous trading day.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 1.75 percent to close at 1,803.25 points.

The sub-index for newly listed stocks plunged 4.15 percent, the most among all sectors, after they led gains last week.

Fujian-based Yongyue Science & Technology Co., which went public last month, plunged by the daily limit of 10 percent. Another seven newcomers also dropped by 10 percent on Monday.

Bucking the trend, liquor makers were the strongest gainers, with the sub-index rising 1.07 percent. Kweichow Moutai, a Chinese liquor brand, gained 1.91 percent to 454.47 yuan.

Sinopec, the country's largest oil refiner, rose 1.66 percent. Poly Real Estate, a large developer, rose 1.17 percent. Industrial and Commercial Bank of China, the largest commercial bank, rose 0.38 percent.