Shanghai Composite Inde snapped eight-day winning streak, industrial mother machine companies rallied

 

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The Shanghai Composite Index fell 0.93% to lose 3,000 mark and close at 2,977 on Monday, snapping an eight-day winning streak. The Shenzhen Component Index edged down 0.04% and the tech-heavy Chinext Price Index fell 0.37%. The blue-chip CSI 300 Index slid 1.04% to close at 3,453.

Companies in the industrial mother machine industry staged a strong rally, with an index tracking A-shares of the sectors, compiled by Wind Information, surging nearly 4%, after Chinese President Xi Jinping stressed promoting a new round of large-scale equipment renewal.

Education companies, automakers, auto parts suppliers, heavy machinery manufacturers, home appliance makers were mostly higher.

Insurance companies, banks, coal miners, electric power companies, telecoms companies and precious metal companies led the losses.

Overseas investors sold a net 1.3 billion yuan of Chinese A-shares via the Mainland – Hong Kong Stock Connect Scheme on Monday, marking a second straight day of net selling.