BEIJING, Feb. 15 (Xinhua) -- Chinese stocks tumbled Friday, ending robust performance seen earlier this week, with financial blue chips suffering from sharp corrections.
The benchmark Shanghai Composite Index went down 1.37 percent to close at 2,682.39 points, while the Shenzhen Component Index ended a five-day winning streak, closing 1.15 percent lower at 8,125.63 points.
Shares fell across the board, with the financial, home appliance, and liquor-making sectors among the biggest losers.
The stock price of CITIC Securities, a major broker, lost 3.42 percent while that of China Life Insurance Company tumbled by 2.94 percent.
The corrections came after a week of strong performance by the Chinese A-shares, as overseas institutional investors started to pour in money through stock connect programs.
The A-share market has bottomed out after nearly three years of decline, resulting in an undervalued market, according to Yang Delong, chief economist of First Seafront Fund.
Government policies including tax cuts and reduction in reserve requirement ratio will further boost market sentiment, Yang said.
The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 0.3 percent to close at 1,357.84 points.
