Stock markets on the Chinese mainland ended on opposite sides of the fence Monday as investors pared down their risk exposure following last week's declines.
The Shanghai Composite Index advanced 2.26 points, or 0.11 percent, to close at 2,016.98; while the Shenzhen Component Index shaved off 0.71 percent, or 57.60 points, to finish at 8,060.54.?
Both indices opened lower Monday and drifted downward through most of the morning session. The declines continued into afternoon trading, when the Shanghai Composite touched down at an intra-day low of 1,995.72, the lowest level in 45 months. The benchmark was eventually lifted out of its rut in late trading by gains in the heavily weighted non-ferrous metal, coal and banking sectors.
Brewing stocks declined sharply after the 21st Century Business Herald reported that some of Jiugui Liquor Co's products had been found to contain dangerously high levels of plasticizing agent. Jiugui Liquor was suspended from trading following the news, which sent many of the mainland's listed distillers skidding into negative territory. Wuliangye Yibin Co dived 5.82 percent to 29.11 yuan ($4.67). Kweichow Moutai Co declined 4.61 percent to 214.05 yuan.
Monday was a mixed day for developers as average housing prices in China crept up 0.05 percent in October compared with the previous month. For investors, optimism about the price increase was moderated by the government's commitment to maintaining policies aimed at making homes more affordable. Poly Real Estate Group Co dropped 1.52 percent to 10.99 yuan, while Sunshine City Group Co climbed 3.69 percent to 12.08 yuan.
Meanwhile, brokerages largely advances. Sinolink Securities Co climbed 4.33 percent to 15.42 yuan.
Landmark building should respect the public's feeling
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