China shares suffer first loss in 5 sessions, brokerages slump
HONG KONG/SHANGHAI Oct 10 (Reuters) - China shares posted their first loss in five sessions on Thursday, with brokerages leading financial sector weakness on concerns they will suffer under stiffer competition from the likes of e-commerce giant Alibaba Group.
The CSI300 of the leading Shanghai and Shenzhen A-share listings finished down 1 percent at 2,429.3 points, while the Shanghai Composite Index sank 0.9 percent.
This was their first daily loss since Sept 26. Mainland Chinese markets were shut Oct. 1-7.
Haitong Securities, the country's second-biggest listed brokerage, dived 5.4 percent after Alibaba's online payment affiliate took control of Tianhong Asset Management to accelerate its push into online financial services.
Separately, The Securities Times newspaper reported on Thursday morning on its website that the Shanghai Stock Exchange plans to launch the international board in the city's newly-launched free trade zone, reviving a long-standing idea that was abandoned last year due to a moribund A-share market.
The same newspaper later reported that the Shanghai Stock Exchange denied the earlier report. (Reporting by Clement Tan and Pete Sweeney; Editing by Jacqueline Wong)