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The Shanghai Composite Index fell 2% to break through 3,200 mark and close at 3,189 on Friday, the Shenzhen Component Index sliding 2.2% and the tech-heavy Chinext Price Index sliding 2.33%. For the week, the three indexes fell by 3%, 3.8% and 2.3% respectively.
Gas suppliers, securities brokerages, insurance companies, construction machinery manufacturers, software developers led the losses. Telecom companies and drugmakers were mostly higher. Property developers outperformed amid market expectation that the authorities will announce more detailed supportive policy for the sector.
Overseas investors sold net 12.3 billion yuan of Chinese A-share via the Mainland – Hong Kong Stock Connect schemes on Friday, the highest net selling so far this year.
For the week, overseas investors sold net 25.5 billion yuan of A-share via the stock connect, the highest weekly net selling since October 2022.