Shanghai Composite down 0.61%, despite ZTE shares soaring as US sanction lifted
Jul 16, 2018 (China Knowledge) - Shanghai Composite is down at the close on Monday, as Banking, Real Estate Investments & Services, Insurance and Financial sectors are among the biggest losers.
After reaching the lowest position today, Shanghai Composite slightly rebounded after China released its economy data and finally closes at 2814.04, down 0.61%.
Banking and real estate firms led the decline, with indexes tracking those firms down 2.1% and 2.3%, respectively. Financials, Tesla and insurance sectors also dipped
ZTE shares surged by daily maximum limit as the U.S. Department of Commerce (DOC) formally lifted the ban on ZTE, leading to the huge gains in 5G and domestic chips industries. However, as the rise in 5G sector is driven by the surge of ZTE, there remains some uncertainties in its further growth.
Guojin securities believes that, as uncertainties remain, presently, investors are still not advised to take part in the market after this round of A-shares slump.
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