Mainland market falls as number of new stock accounts declines for sixth week
Mainland markets fell today, led by financial shares, as the number of newly opened equity trading accounts declined for the sixth consecutive week. Hong Kong stocks rose, however, led by financials.
The Shanghai Composite Index fell 1.7 percent with losing shares outnumbering winners 615 to 254, with 10 unchanged. The Shenzhen Composite Index was down 1.3 percent.
Just 324,856 new trading accounts were opened last week, less than half of the record 700,617 in the last week of July, the China Securities Depository & Clearing Corp announced today. The decline in account opening came after the market plunged 22 percent in August.
Mainland-listed financial shares lost 1.81 percent on average, with brokerages taking the main hit. Sinolink Securities Co (SH:600109) and Changjiang Securities Co (SZ:000783) both fell 2.6. Haitong Securities (SH:600837), China's largest listed brokerage, dipped 2.1 percent. Shenyin Wanguo (HK:0218) dropped 1.3 percent.
While banks fell on the mainland, they rose in Hong Kong - with the Hang Sang Financial Index gaining 3.11 percent.
ICBC (SH:601398, HK:1398), the world's largest bank by market share, fell 1.4 percent in Shanghai and rose 4.2 percent in Hong Kong. China Construction bank (SH:601939; HK:0939), the second-largest, fell 2.2 percent in Shanghai and rose 2.5 percent in Hong Kong.
Gold mining shares surged with gold prices. China's largest gold miner, Zijin (SH:601899; HK:2899) rose 5.2 percent in Shanghai and 7.8 percent in Hong Kong. Zhongjin (SH:600489), the second largest, rose 9.3 percent. Shandong Gold (SH:600547), the third, rose to the 10 percent trading cap.
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